Chart Pattern Analysis of Bitcoin

Aug 17

https://www.tradingview.com/x/YMi4ouHt/

K2 is a bullish hammer candle,
It verified the potential support,
And K3 verified that the supply pressure decreased.
So, it is possible that the following candles price up to test or break up the nearest resistance.
It is not easy to take profit from this market.

Aug 17

Note

K2 is a bullish up engulfing candle,
It verified the potential support.
And the supply pressure decreased.
If K3 close upon the resistance or failed to close below the support,
It will be a good place to buy it here.

Buy-58688/Stop-57488/Target-64K

Aug 19

Note

K3 failed to close upon the resistance,
And it close below the support under increased volume.
So, it is not a good idea to buy it here.

And it is potential good place to short it here.
But the target may not profitable.

Short-58249/stop-58720/Target-55400

Aug 22

Note

K3 choose to break up K2 under decreased volume,
It seems that the consolidation had ended here,
The following candles will likely breaking the ice line or even close upon it.
It seems to be a potential good place to buy it here.
But I don’t think so,
Perhaps it is still not safe or profitable to establish long-term bull positions.
If the following candles break up 66K,
I will change my mind and try to put more money on the bull trend.


Buy-60318/Stop-59818/Target-63208

Aug 22

Note

After a fake up candle of K2,
K3 close below the potential uptrend line with a bear gap.
The increasing demands means that the bull force had not surrendered yet.

It is likely that K4 will break up the bullish triangle pattern to touch the lice line or even close upon it.
It is a potential good place to buy at K3.
But I don’t think it is profitable.

I will try to short it around the ice line,
I am not optimistic about the market at the following months.

Aug 24

Note

K3 break up a bullish triangle pattern under sharply increased volume,
It seems that an upthrust wave will follow K3 to touch the potential downtrend channel or even close upon it.
I will try to buy it if the following candles successfully retest the ice line to verify the uptrend.

But before that,
I am still not optimistic about the market at the following months.
I will try to short it if the following candles return back below the triangle.
If the demands sharply decreased around the downtrend channel,
I will also try to short it.

Aug 24

Note

K3 break up K2 and close upon K1 under increased volume,
It verified a bullish hammer candle of K1.
It seems that another bull run had started from K1 and K4 will keep climbing up and even close upon 70K.

On the other hand,
The supply pressure at K2 and K3 are still at high level.
The bull candle is not as strong as it looks like.
So,I will try to find signals to short it at K4.