Chart Pattern Analysis Of Bitcoin

K1 to K3 is a bullish morning star pattern.
K4 closed upon the resistance and verified the uptrend.
The supply pressure increased here.

If the following candles fall back to retest the resistance to verify the uptrend,
It still worth to buy in.

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If the following candles fall back to retest the support to verify the uptrend,
It still worth to buy in.

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K3 is a first test to the support,
The supply or demand pressure is increasing.
It is not a successful test.
Perhaps, the following candles will test the support for more times.

If K4 close below K3 immediately,
The risk will increase.
Otherwise, the uptrend will keep climbing up.

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K4 verified that the support is effective,
If the following candles fall back to test the support,
It still worth to buy in.

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K3 is a second test to the support,
The demand is decreasing,
It is not a successful test.
Perhaps, the following candles will test the support for more times.

If K4 close below K3 immediately,
The risk will increase.
Otherwise, the uptrend will keep climbing up.

评论:

After K1 tested the support for a second time,
K2 failed to break up or break down.
The market was trapped to a dead corner,
Candles will likely choose a direction here.

If K3 break up K1 or fail to break down.
It is still a good place to buy in.