Chart Pattern Analysis Of Bitcoin
K3 tested the uptrend channel under decreased volume,
It failed to breakdown the neck line of a potential double top pattern.
So, it is possible that the bearish pattern had been reversed by the bullish hammer candle K3.
After a three soldiers stalled pattern(from K1 to K3),
A rebound is on the way.
The first day of the week is important,
If it break up the upper price of K3 or fall back to test the lower price area of K3 under low volume,
It will be good places to buy in.
Long-63000/Stop-61666/Target-70888
Long-66900/Stop-65900/Target-70888 (only when price break up K3).
Short-72236/Stop-71236/Target-66000
Comment:
After a bullish hammer candle of K1,
K2 tested the lower price of K1 under decreased volume.
It stopped upon the uptrend channel.
It seems that the following candles will price up.
Candles were trapped into this dead corner.
It is likely that the following candles will choose a direction to price up or break down.
Lower volume of K2 also means the low demand pressure.
It is more likely that the following candles will break down.
Sell-64248/Stop-65248/Target-55000
Sell-62390/Stop-63390/Target-55000
After a bullish hammer candle of K1,
K2 tested the lower price of K1 under decreased volume.
It stopped upon the uptrend channel.
It seems that the following candles will price up.
Candles were trapped into this dead corner.
It is likely that the following candles will choose a direction to price up or break down.
Lower volume of K2 also means the low demand pressure.
It is more likely that the following candles will break down.
Sell-64248/Stop-65248/Target-55000
Sell-62390/Stop-63390/Target-55000
Comment:
K3 is a bullish hammer candle test the long term uptrend line for a first time.
It failed to close below K1 under relatively increased volume,
It seems that the short-term downtrend will stop here.
The first day of the next week is important.
If the day time candle break up K3 immediately with a bullish up gap,
I will stop loss and try to buy in.
If the day time candle successfully drop to test 60-61K area.
I will also try to buy in.
K3 is a bullish hammer candle test the long term uptrend line for a first time.
It failed to close below K1 under relatively increased volume,
It seems that the short-term downtrend will stop here.
The first day of the next week is important.
If the day time candle break up K3 immediately with a bullish up gap,
I will stop loss and try to buy in.
If the day time candle successfully drop to test 60-61K area.
I will also try to buy in.
Candle is breaking up a potential uptrend triangle pattern,
so, I buy it here.
Stop Loss set at a nearest lower price area.
It seems that BNB and Near is temporarily more strong than BTC.
So, I still buy a small amount of them