Chart Pattern Analysis Of Bitcoin

9 giu

https://www.tradingview.com/x/Fnlh17pB/

After K1 break down the uptrend line,
K2 tested it under low volume,
It seems that the demand disappeared.

If K3 test the uptrend for a second time under low volume and even close below K2,
The risk for long-term holders will increase,
It will be a good place to decrease long positions along the uptrend line,
And stop loss set at the neck line.

Sell-69500/Stop-70500/Target-62000

10 giu

Nota

K3 verified a short-term consolidation had started from K1,
It is likely that the following candles will price up to test the resistance for a second time.
And then choose a direction to break up or break down.

11 giu

Nota

K2 verified a fact that the supply pressure sharply increased.
It is likely that a short-term bear force had fully controlled the market.
If the following candles retest the 0.382 fib line,
It is a potential good place to decrease long-term positions to avoid the deep price correction.

12 giu

Nota

From K0 to K2,
It is a bearish downtrend three methods pattern,
The increasing volume verified the strength of the short-term bear force.
It seems that the market is waiting for the result of tomorrow’s interest rate conference.
And then, the market will choose to break down the neck line or not.

0.382-0.5Fib line is a good place to decrease long-term positions to avoid the potential deep price correction.

There is also another potential bad news in the market,
Some accounts in the OKX Platform had been stolen by hackers.
Wish it couldn’t expanded like Mt.Gox.

13 giu

Nota

K2 and K3 verified a fact that both the supply and demands pressure are at high level.
It seems that the market will consolidate here for days and then choose to break up or fall down.
I tend to think it will more likely to fall down to test 62K area,
And then another bull run will start there.

The level of the demands temporarily is not enough to reverse the new born short-term downtrend easily.
It needs more signals from the following candles to verify it.

When the crypto market trapped into a month scale consolidation,
The US stock market breaks up and starts another bull run weeks earlier.
I choose to follow them.
And I will withdraw 1/3-1/2 of my money from the crypto market and invest the ETF that holds most NVDA and Apple stocks.

14 giu

Nota

K3 close below K2 under decreased volume,
The demand keeps at high level but still failed to stay at high price area.
The risk increase.

If the following candles successfully retest the uptrend line to verify the potential risk or even close below K1,
It will be another good place to decrease the long-term positions to avoid the potential price correction.

But overall, I am still optimistic about the long-term bull market.