Chart Pattern Analysis Of Bitcoin

K3 verified that a strong bearish motive wave had started from K1.
If K4 couldn’t close upon K3 to interrupt it.
the risk will sharply increase,
The following candles will likely breaking down the potential support.

If K4 could close upon K3.
It is still possible that it’s just a bullish large scale consolidation process here.

Buy-59555/Stop-58555/Target-72000

Comment:

K2 close upon K1,
K1 and K2 is a strong bullish up engulfing pattern.
The short-term downtrend had been reversed here.

It is possible that a bullish large scale consolidation process is working here.
Or another bull run had started from K2.

If the following candles successfully retest the downtrend line,
It will be a good place to buy in.

Buy-61888/Stop-60888/Target-72000

Comment:

K3 close below K2 under increased volume,
It is a strong bearish signals.

So, the previous analysis were totally wrong.
If the following candle close below K3,
The risk will increase.

Sell-62288/Stop-63288/Target-56000

Comment:

After a strong bearish engulfing pattern,
K2 verified a fact that the supply or demand pressure had dropped to the lowest level,
If K3 couldn’t close below K2 to verify the strong bearish momentum,
It will be possible that the short-term downtrend reversed by the following candles.

Buy-59738/Stop-58738/Target-72000