Chart Pattern Analysis Of Bitcoin
K1 to K3 is a strong bearish three soldiers advancing pattern,
The demand of K4 decreased,
it verified the short term downtrend.
If K5 still failed to close upon K4,
The following candles will likely keep dropping to test 61K area.
The potential support is 0.5fib line of the nearest uptrend.
I will not sell or short it here.
Comment:
K3 touched the 0.5fib line of the nearest uptrend.
The demands sharply increased.
It is a first good signal.
The short-term downtrend will possibly ended here.
But,the effectiveness of the potential support must be verified by the following candles.
I don’t think the following candles will close below K0.
There is nothing to worry about here.
K3 touched the 0.5fib line of the nearest uptrend.
The demands sharply increased.
It is a first good signal.
The short-term downtrend will possibly ended here.
But,the effectiveness of the potential support must be verified by the following candles.
I don’t think the following candles will close below K0.
There is nothing to worry about here.
Comment:
K2 and K3 is a strong up engulfing pattern,
But unfortunately, it still failed to close upon the highest price of K1.
So, if I want to buy in, I will wait for more signals.
it is still possible that the following candles keep dropping to test the potential support for a second time.
A good signal is that,
The strong bearish momentum turned to be more neutral here.
If the following candle fall back to test the support or close upon the resistance,
It will be a potential good place to buy in.
K2 and K3 is a strong up engulfing pattern,
But unfortunately, it still failed to close upon the highest price of K1.
So, if I want to buy in, I will wait for more signals.
it is still possible that the following candles keep dropping to test the potential support for a second time.
A good signal is that,
The strong bearish momentum turned to be more neutral here.
If the following candle fall back to test the support or close upon the resistance,
It will be a potential good place to buy in.
Comment:
K4 verified the short-term downtrend.
If the following candles stay upon the 0.5fib line,
It is possible that the short-term downtrend will end at the uptrend line.
Otherwise, the following candles will keep dropping to test the lower price of K1.
K4 verified the short-term downtrend.
If the following candles stay upon the 0.5fib line,
It is possible that the short-term downtrend will end at the uptrend line.
Otherwise, the following candles will keep dropping to test the lower price of K1.
Comment:
K3 is a first test to the potential support.
It is a bullish spring candle,
And the supply pressure is decreasing.
If the bear force couldn’t take the chance to close below the support,
The short-term downtrend will be reversed here.
K3 is a first test to the potential support.
It is a bullish spring candle,
And the supply pressure is decreasing.
If the bear force couldn’t take the chance to close below the support,
The short-term downtrend will be reversed here.
Comment:
K4 will fall back to test the support,
If K4 still couldn’t close below the support,
It is likely that the following candles will price up to test the resistance.
K4 will fall back to test the support,
If K4 still couldn’t close below the support,
It is likely that the following candles will price up to test the resistance.
K4 is a first test to the resistance,
It failed to close upon K3.
It verified the supply pressure is increasing.
K5 will likely test the resistance for a second time.
If K5 fail to close upon K3,
The following candles will keep dropping to test the lower price of K3 or the support line.