Chart Pattern Analysis Of Bitcoin

7月6日

https://www.tradingview.com/x/U4fiSoBG/

K1 is one part of a bearish three soldiers advancing pattern,
It close below the ice line and verify the resistance of the line.

K2 is an overselling spring candle,
It interrupted the strong bearish momentum.
It seems that the following candles will consolidate here for days,
Or, the short-term downtrend will be reversed immediately.

If the following candles close upon the resistance or successfully retest the lower price area of K2,
It will be good places to buy it there.
I think the 56K-53K is most valuable area for long-term holders.
Perhaps, another bull run will start here.

7月8日

註釋

K1 and K2 is a strong bearish engulfing pattern,
It verified the resistance and low demands or low supply pressure.
The bear force couldn’t go far if the supply pressure keeps at such low level.
Which makes it more valuable if the following candles break down the channel.

And of course,
I had placed long-term orders at 54K-50K area.

7月9日

註釋

K3 is a second test to the resitance,
The supply pressure sharply increased and successfully stopped K3 to create a higher high.
It seems that the bear force still control the market,
So, it is likely that the following candles will keep dropping to test the lower price of K3 or the uptrend line.

And I will still try to buy in at the support as a tentative long-term positions.
I don’t think the bear market will expand and reverse the long-term bull market.

Of course,
It will be more safe to decide to buy or not only after the close price of this week.

7月10日

註釋

K3 failed to close upon K2,
It verified the resistance.
The demand is still too low to close upon the resistance.
So, it is likely that the following candles will keep dropping to test the lower price of K2.

7月10日

註釋

I was expecting candles fall back to test 53K area,
Perhaps I was wrong.

The price is breaking up the neck line of a potential double bottom pattern,
If the following candles close upon a nearest resistance,
Another bull run will restart.

If the following candles keep pricing up and even close upon the downtrend line,
It will be more likely that the bull force control the market.

7月11日

註釋

K3 is a second test to the ice line,
It verified a fact that both the supply and demand pressure keeps at low level.
So, it is likely that the following candles will keep pricing up to test the downtrend line.
The 0.382-0.5 fib area is a good place to establish a tentative long-position orders.

On the other hand,
If K4 close below K2 immediately,
The bear force will regain its strength.

Long-56888/Stop-56230/Target-61000

7月12日

註釋

From K1 to K3,
It is a strong bearish evening star pattern.
K3 verified a fact that the supply pressure at high price area is still too high.

If the bear force want to expand,
The following candles must take the chance to close below K1 immediately to verify the bearish momentum.
And the possibility of the following candles fall to test the support increased.

7月14日

註釋

K3 close upon the neck line of a potential double bottom pattern under low volume.
It seems that the supply pressure had dropped to the lowest level.

The problem here for the bull force is lacking enough demands to close upon K1 to verify the bullish momentum.
If the following candles successfully close upon K1 or the downtrend line.
Or the following candles successfully retest the uptrend line to find enough demands there.
It will be a good place to establish long-term positions.

Long-59350/Stop-58350/Target-63000