Chart Pattern Analysis Of Bitcoin

30 Ogo 2023

K4 return into the nearest resistance line.
It seems that the uptrend had recovered.
The resistance is at 0.5-0.618Fib area of the nearest downtrend.
This area is also a good place to short it.

In the coming days, if the upward momentum could continue and pull the candle upon K2,
the uptrend will recover.
I will try to buy in. Otherwise, I will try to short it.

31 Ogo 2023

Nota

K3 is a threat to the bear market prediction.
But fortunately, the upward movement had not continued.
Nearest support line is at 0.5-0.618fib area of the upward.
K4 is the first unsuccessful test of the support, it has an average high volume.
It will most likely have a second test of the support.
After that, there will be more evidence to evaluate the support is strong or weak.

1 Sep 2023

Nota

K2 failed to break up the box, and K3 failed to break down the box.
Considered K3 has a relatively low volume,
The price here tends to extend the small box to a larger scale.
If that is the case, there will be other chances to short it when the price up to test the upper limit of K3.

2 Sep 2023

Nota

From K3 to K5, it is three soldiers stalled pattern,
which means a temporary price stop action.
Compared to K4, K5 is a spring hammer candle upon the support,
which means the residual demand had temporally stopped the price breaking down.
It is not a good place to short it here.
If we want to buy here, we also need more evidence.

3 Sep 2023

Nota

Last day's small candle with lower volume means the demand is relatively low here.
Which increase the possibility to price down to test the neckline.

Low volume also means the pressure of supply temporarily decreased sharply.
So, the price here tends to extend the previous small box to a larger one.

If the closed price of this week below the neckline (at about 25250) with a relatively increasing volume,
the downtrend will most likely recover immediately,
otherwise, price up to test the upper limit of the box.