Chart Pattern Analysis Of Bitcoin

27 Jul 2023

A pregnancy reverse pattern established a temporary support, and stop the downtrend.
But the rebound is week at present. The supply is still in charge.

28 Jul 2023

Nota

K4 hadn't closed below K3, both supply pressure and demand are in a low level.
Price volume behavior turn out to be neutral here.
Maybe there will be a second test of the temporary support of K1,
or a second test of the ice line.

31 Jul 2023

Nota

Last day's candle was a second test of the temporary support of K1.
It has a lower volume and closed high, which means a successful test.
Usually, the price will go up.
I discard this opportunity, i am waiting for the closed price of this month.
If we buy here, stop loss price should set at about 29053.

If today's price closed upon K1, that will strongly verify the effect of the pregnancy reverse pattern.Then, we can wait for a chance to join.

If today's price closed below K1, the downtrend will go on.

31 Jul 2023

Nota

Compared to last day's candle, if today's candle has decreased volume with a long body closed higher upon ice line, that will also verify a fact that supply pressure exhausted.
Or, if it has an increased volume(maybe two times more than yesterday's) with lower closed price under ice line, it will be a signal that supply pressure restore.
That will be a good opportunity to short it.