Chart Pattern Analysis Of Bitcoin
Atualizado
https://www.tradingview.com/x/mUrZA1gN/
After K0 and K1 break down the neck line under high volume,
The following candles keep pricing up to test the resistance.
The demand is temporarily too low,
It is verifying the downtrend.
It is also possible the supply pressure had dropped to the lowest level,
And a consolidation had interrupted the new born downtrend.
But the possibility is temporarily too low,
it must be verified by the following candles,
Such as K4 close upon K0 under low volume.
K3 is a first test to the resistance,
Perhaps the following candles will test the resistance for a second time,
If the supply pressure keeps increasing,
The short-term downtrend will expand.
And, it will be another good place to decrease the long-term positions to avoid the potential price correction.
After K0 and K1 break down the neck line under high volume,
The following candles keep pricing up to test the resistance.
The demand is temporarily too low,
It is verifying the downtrend.
It is also possible the supply pressure had dropped to the lowest level,
And a consolidation had interrupted the new born downtrend.
But the possibility is temporarily too low,
it must be verified by the following candles,
Such as K4 close upon K0 under low volume.
K3 is a first test to the resistance,
Perhaps the following candles will test the resistance for a second time,
If the supply pressure keeps increasing,
The short-term downtrend will expand.
And, it will be another good place to decrease the long-term positions to avoid the potential price correction.
Nota
After K1 tested to the neck line for a first time,
K2 tested it for a second time,
The sharply increased volume means the bear force still fully control the short-term bear market.
The short-term downtrend had expanded here.
This potential month scale Wave(C) is not likely ended easily.
It will take weeks to start another bull run.
Nota
From K1 to K3,
It is a three soldiers stalled pattern,
The supply pressure sharply decreased.
It seems that the following candles will price up to test the supply pressure at the high price area of K2.
If the supply pressure keep increasing,
The following candles will keep falling down to test the lower limit of the downtrend channel.
If K4 or the following candles close upon K1 or K2,
The sort-term downtrend will be reversed here.
Nota
K3 is a first test to the downtrend line,
The supply pressure is still at high level.
If K4 or the following candles test the line for a second time under low volume,
The short-term downtrend will likely expand.
If K4 close below K3 immediately,
The short-term downtrend will also likely accelerating.
On the other hand,
If the bull force want to reverse the short-term downtrend,
It will test the lower price area of K1 for a second time.
Or, it should close upon K3 immediately.
But the possibility is relatively low here.
I will still keep waiting for the potential sharp price correction.
Nota
The over-selling candle K2 close below the downtrend channel under increased volume,
It verified the short-term downtrend.
A consolidation will possibly happen here.
It needs more signals to find out the next move of the market.
The short-term downtrend may be reversed or even keep expanding.
If the nearest support couldn’t stop the bear force,
It will keep falling to test 52K area.
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