Chart Pattern Analysis Of Bitcoin

22. Juni

https://www.tradingview.com/x/SMOvisfW/

From K1 to K3, it is a three soldiers advancing pattern,
K3 close below the long-term uptrend line.
It is a bad signal for the long-term holders.
It seems that the following candles will keep falling to test the neck line.

The problem for the bull force is lacking enough demands.
If the following candles fall to test the 0.382-0.5Fib area to find enough demands,
The bull market will likely recover its strength.
The potential valuable area to increase long positions at about 58-54K.

I still think it is a long-term bull market,
But it must be verified by the following candles.
If the following candles close below the neck line,
the risk will sharply increase.

5. Juli

Anmerkung

K3 close below the neck line of a potential bearish double top pattern,
It seems that a large scale bear market had established.
I don’t think so.

The volume at K3 is relatively low here,
Which means the supply pressure and price hadn’t expanded yet.
If the market find enough demands at lower price area,
The bull market will regain its strength.

The potential support at about 0.382fib area of the nearest bull wave.
I will try to buy it at 50-52K.
Of course, it is much more reasonable to decide to buy or not to buy only after the candle of K4.

8. Juli

Anmerkung

K2 close below the neck line of a potential double top pattern.
Usually, it is a strong bearish signal of a bear market.
If the bear market want to start here,
The following candles should keep dropping to touch or close below the long-term uptrend line.

I don’t think the bear force will finally make it.
I will wait for more signals to verify or deny my concerns.


And, I will try to buy it at 50K-54K area if K3 fall to test the support.
I think the support line is strong enough to revers the short-term downtrend.

13. Juli

Anmerkung

K2 verified a fact that the supply pressure still keeps had high level,
And it successfully stopped K3 closing at high price area.
It is likely that the following candles will keep falling to test the lower price area of K1 or 50K area.

On the other hand,
K1 and K2 is a potential bullish harami pattern.
The bearish momentum had been interrupted temporarily.
And the supply pressure is decreasing.
If the following candles fall to find enough demands,
The bull force will regain its strength.

If the following candles fall to test 53K-50K area,
It will be a valuable are to establish long-term positions.
If the following candles close upon K1 immediately,
It is also valuable to buy in.

15. Juli

Anmerkung

K1 and K2 is a bullish upthrust pattern,
It stand upon the potential support line but failed to close upon K1.
If another bull run want to start from here,
It needs more signals to verify it.

If K3 close upon the resistance,
Or, the following candles still stand upon the support,
That will increase the expectation of another bull run.
But before that, I think it is not wise to all in.
The bull force is still too weak temporarily.

I will try to decrease my long positions while the price running to the resistance.