Long-term trend

Continuing the viewpoint from yesterday's video, the recent rise in Bitcoin on the long-term chart is defined as a rebound after a decline. The expectation for the future is still to break below the previous low. Therefore, our consistent approach is to wait for the appearance of a turning point. From the several rising candlesticks, it is quite obvious that with the rise in price and the divergence of volume and price, the strength of the buying interest has also shown a clear weakening trend. In order to more clearly understand the long and short positions on the market, we need to look for answers on smaller timeframe charts.

Medium-term trend

In the medium-term market, we can see that the current completion of the bullish shark pattern has derived into a bearish 5-0 pattern, with the reversal price reaching around 43783. Yesterday, there were three consecutive pin tests at this level, indicating a very strong bearish pressure, and the price continued to move sideways, indicating that it has entered a state of stagnation and consolidation. Taking into account the above information, we find that the current position is likely to become the turning point of this large-scale pullback, so we continue to explore whether there are trading opportunities in the short term.

Short-term trend

On the short-term chart, I judged yesterday that the price might be evolving into a distribution of the head and shoulders pattern, and I reminded the group that a break below the neckline would be a good shorting opportunity. However, instead of initiating a decline, the price continued to oscillate throughout the night. We have found that the current small timeframe may be exhibiting a distribution behavior of the head and shoulders pattern rather than the head and shoulders top pattern. However, this does not affect the expectation for the future trend. If the price can continue to break below the neckline, perhaps this period of oscillation will bring about the butterfly effect of the appearance of a turning point on the long-term chart.

Patience is the first digit of the wealth code. Welcome to join the Rabbit community.

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