Chart Pattern Analysis Of Bitcoin

K3 is breaking up the dead corner.
The market chose a direction to climb up.
From K1 to K3, it is a strong bullish morning star pattern.
It is likely that K3 will close upon K1.
So, it still worth to buy in.

The historic highest price 69K and the nearest uptrend line is the potential support.
It is still worth to hold for a long time.
The market is healthy.

Comment:

K6 couldn’t close below K5 under a sharply increased volume,
It verified that the support is effective.
If K7 break up K6,
It still worth to buy in.

On the other hand,
K5 and K6 is also a bearish dark cloud cover pattern.
If the following candles couldn’t close below K2 to verify it,
K6 will be a final test to the support,
And the supply pressure will be exhausted here.

I think there is nothing to worry here.
Perhaps I was wrong,
I hope so,
And it will be a good lesson for me.

Comment:

My previous analysis was totally wrong.
It is really a big loss for me.
I can do nothing here but waiting for more signals.

K2 break down and close below K1,
It verified a short-term downtrend.
If the following candles keep dropping to close below the support,
The risk will sharply increase.

If the following candles could stay here and consolidate for days,
The bearish momentum will be interrupted.

Comment:

From K1 to K3,
It is a three soldiers stalled pattern.
Candles will likely consolidate for days and then price up again.

Comment:

It seems that the following candles will consolidate for days and price up to test the resistance.
I can do nothing here but waiting for more signals.

Comment:

If the bear force couldn’t take the chance to close below the support,
The following candles will likely price up to test the resistance or even break up.

Comment:

K2 tested the resistance,
The demand pressure sharply decreased.
If the bear force couldn’t take the chance to close below k2 immediately,
The possibility of breaking up the resistance will increase.