Chart Pattern Analysis Of Bitcoin

1 Apr

From K1 to K3,
It is a bearish three soldiers stalled pattern.
The sharply increased supply pressure also verified the resistance of the historic highest price area.
It is likely that a month scale consolidation process from K3 will continue.

So, if K4 price up to test the resistance of 2/1 Gann line,
I will try to partly decrease my long positions.

1 Mei

Catatan

K1 and K2 is a strong bearish engulfing pattern,
It followed a bearish three soldiers stalled pattern.
It verified the strong resistance of the historic highest price.
It seems that a “V” type reversal bear market or a bullish consolidation process had started from K1.

K2 failed to close below K1,
And the supply sharply decreased.
It is more likely that a large scale consolidation is on the way.

The problem of the bull market is lacking enough demands after a long term advancing from wave(1) to wave(3),
And the supply pressure temporarily sharply increased at K1.
It is likely that the supposed consolidation is similar to wave(2).

50K and 6-7 months is a possible price and time target of the correction.
And then, wave(5) will likely moving to 140K.

During the consolidation period,
Some other crypto tokens such as Near\BNB may start a new bull run earlier that BTC.

Sell-61255/Stop-63000/Target-51000

1 Jun

Catatan

After a bearish engulfing pattern of K1 and K2,
K3 failed to close upon the resistance.
It verified the effectiveness of the resistance.
Both the demand and supply pressure are at low level temporarily.
It seems that K3 is in the journey of a Wave(B) of a month scale consolidation process.

If the following candles[Possibly a Wave(C)] successfully break down to test the support or the lower price of K3 to find the demands,
It is still valuable to buy in.

Overall, it is still in a long term bullish market.
I will not try to short it,
And will allways keep at least half of long positions in the market during the consolidation.

29 Jun

Catatan

K1 is one part of a strong bearish engulfing pattern,
It verified the resistance of the previous highest price.
K2 and K3 is another bearish engulfing pattern,
K3 obviously closed below the long-term uptrend channel.
The volume at K3 verified a fact that the demands sharply deceased.

So, the background near the resistance is not good for the long-term holders.
It is likely that the following candles will keep falling to test a nearest potential support at 0.382-0.5fib area.
If K4 find enough demands there,
The bull market will likely recover its strength.

Besides, it was said that the average mining cost of BTC at about 47K.
If the following candles couldn’t close below the support,
I am still optimistic about the bull market of the upcoming season.

30 Jun

Catatan

It is still bullish at this chart.
Both the supply and demands at K2 keep at high level.
If K3 test the lower price of k1 to find enough demands there and close upon K2 immediately.
It is likely that another bull run will start there.



K2 and K1 are two consolidation candles,
The supply pressure at K2 increased,
It interrupted the bullish momentum.

If the following candles break up K2,
It is still valuable to buy in.