The picture at the end of the article is the BTC weekly chart.
From the picture, we can see that:
Since Bitcoin rose strongly in October last year,
it rose all the way to above $70,000,
it has begun a multi-month "mid-term adjustment" process.
The price has been repeatedly pulled up and down,
and the bulls and bears have been in a fierce game.
However, the overall trend of operation is in line with the "symmetrical upward convergence triangle pattern" and the technical theory of this morphology.
"Symmetrical upward convergence triangle pattern",
in most cases it belongs to the "upward relay consolidation pattern".
This pattern refers to the market entering the "mid-term consolidation" process after the price has gone through a strong unilateral upward trend.
From the original one-sided upward trend process,
entering the stage of long and short competition,
market differences began to increase.
It is a morphological manifestation of the clear differences between the long and short parties in the market.
For example, the common flag consolidation pattern and triangle consolidation pattern are similar to the underlying operation logic of the market.
In most cases, in the process of "mid-term adjustment and consolidation", after gradually converging to the end of the triangle, it also means that the "long-short game" has come to an end, and the market's "mid-term adjustment and consolidation" will end. Subsequent price movements often follow the original trend and continue to move upward. According to the morphological theory, the current long-term posture of the big cake is still a bull market upward trend, but it is in the process of "mid-term adjustment". It is expected that after the "mid-term adjustment" process is completed, the big cake is expected to move upward again and start the next wave of upward trend. This "symmetrical upward triangle convergence pattern", the current convergence range is gradually narrowing, and the extreme change period is In October, the possibility of an early change in September cannot be ruled out. This week, the "trend support of this pattern" is currently around $56,200, and next week it is around $56,600. As time goes by, it will gradually move up at a rate of about $400 per week. The trend support of the pattern, if the weekly closing line does not "effectively fall below", does not mean that the theoretical logic of this pattern is invalid. From the recent period of several months, the relationship between volume and price in the mid-term adjustment process, the largest single weekly K volume column is still a green volume column. It shows that the market cycle demand is still dominant. The general trend should still be a bull market bull trend, and it is currently in the process of "mid-term consolidation".
Don’t rush to think the bull market is over.
