BTCUSDT Weekly Bearish Dragon Pattern
This is basically a repeat of the previous article:
https://www.tradingview.com/chart/BTCUSD/6VEGz5mv-Will-BTC-Form-a-Bearish-Dragon-Pattern-on-the-Weekly/
which references:
https://www.tradingview.com/chart/BTCUSDT/hEpKn0E5-Bearish-Dragon-Pattern-Unfolding-Beware-of-Increasing-Momentum/
Bitcoin(BTC) is forming a so-called Bearish Dragon pattern. The image shows this asset has declined after the pattern formation in the 4-hour and daily charts. My automated indicator identifies this pattern based on the relationship between highs and lows and by comparing several significant features, although there’s no guarantee of a decline.
This pattern suggests a potential downturn but also opens the possibility of a surge to 138k-141k if it breaks through the upper resistance. (Scroll up to see the gray box indicating this, which is also an automated calculation result.) This time, I’ve added blue and yellow lines, representing the results of specific regression analysis calculations. Yellow indicates liquidity similar to the Fair Value Gap, and blue diagonal lines represent support/resistance elements.
Therefore, the levels I pointed out in previous articles, 58k and 54k, still stand out. As a pattern, the lower edge of the upper green box, 44k, is a possible scenario, but given the recent strong bullish momentum, I lack confidence.
The light blue rising channels are also derived from automated calculations. If you scroll a bit, you’ll see it indicates certain diagonal ranges, with the baseline shown in red.
In the August decline, BTC fell from the upper channel but did not trade acrross a full width, rebounding from an intermediate position. This suggests there might be more room to fall.
In short, a bearish outlook is not baseless from a fractal perspective, and this point shouldn't be underestimated.
https://www.tradingview.com/chart/BTCUSD/6VEGz5mv-Will-BTC-Form-a-Bearish-Dragon-Pattern-on-the-Weekly/
which references:
https://www.tradingview.com/chart/BTCUSDT/hEpKn0E5-Bearish-Dragon-Pattern-Unfolding-Beware-of-Increasing-Momentum/
Bitcoin(BTC) is forming a so-called Bearish Dragon pattern. The image shows this asset has declined after the pattern formation in the 4-hour and daily charts. My automated indicator identifies this pattern based on the relationship between highs and lows and by comparing several significant features, although there’s no guarantee of a decline.
This pattern suggests a potential downturn but also opens the possibility of a surge to 138k-141k if it breaks through the upper resistance. (Scroll up to see the gray box indicating this, which is also an automated calculation result.) This time, I’ve added blue and yellow lines, representing the results of specific regression analysis calculations. Yellow indicates liquidity similar to the Fair Value Gap, and blue diagonal lines represent support/resistance elements.
Therefore, the levels I pointed out in previous articles, 58k and 54k, still stand out. As a pattern, the lower edge of the upper green box, 44k, is a possible scenario, but given the recent strong bullish momentum, I lack confidence.
The light blue rising channels are also derived from automated calculations. If you scroll a bit, you’ll see it indicates certain diagonal ranges, with the baseline shown in red.
In the August decline, BTC fell from the upper channel but did not trade acrross a full width, rebounding from an intermediate position. This suggests there might be more room to fall.
In short, a bearish outlook is not baseless from a fractal perspective, and this point shouldn't be underestimated.
Penafian
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