Chart Pattern Analysis Of Bitcoin

K1 and K2 is approaching to the resistance to test the supply pressure,
The supply pressure keeps at low level temporarily.
If K3 close below K1,
The risk will sharply increase.

If the following candles consolidate here for days and finally close upon the resistance.
A bullish upthrust wave will likely come up.

Comment:

K2 is approaching to the resistance to test the supply pressure,
The supply pressure keeps at high level temporarily.
If K3 close below K2 immediately,
The risk will sharply increase.

If the following candles consolidate here for days and absorb the residual supply pressure to verify the uptrend momentum.
It is likely that candles will finally break up the resistance.

Comment:

K1 and K2 is a strong bearish engulfing pattern,
It verified that the bear force is still controlling the market.
If K3 or the following candles couldn’t return back upon the resistance,
The price will fall to test or break down the support.
Usually, one reasonable operation here is leaving the market immediately,
And buy back if the following candle break up K2.

I will do nothing here, but waiting for more signals.

Comment:

The supply pressure from K1 to K3 Keeps increasing,
It is a bad signal.
But, the upthrust candle of K3 turned the bearish momentum to be more neutral.

It is likely that the following candles consolidate here for days and then choose a direction to climb up or break down.

Comment:

The market here still keeps in a neutral status.
The supply pressure keeps at high level,
It is likely that days later it will choose a direction to climb up or break down.

If the following candles close upon K1 or K2,
Market will price up.
If the following candles close below K2,
The risk will increase.

Trade closed: stop reached:

I have to cut off at least half of my long positions here.
I was totally wrong.