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The Bitcoin false breakout with a candlestick pattern within two weeks mentioned earlier was later proven to be an undesirable signal. The situation is now different—this month’s candlestick just formed an engulfing pattern. Looking at this pattern alone is not necessarily bullish, but it reflects a clear easing of recent selling pressure. It is worth noting that a 3-week engulfing candlestick pattern has also formed simultaneously.
The next focus should be on two directions: first, whether this month’s engulfing pattern can effectively break through the previous resistance. Currently, the market is digesting the previous decline, and the next directional choice will be crucial. Second, observe whether the 3-week timeframe continues to maintain this weak consolidation trend or if it can reverse the situation. In the short term, BTC’s price action will gradually become clearer through the interaction of these two time cycles.
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Relief from selling pressure sounds good, but I've heard this kind of talk several times before. It depends on whether the subsequent monthly chart can hold up.
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3-week including the monthly chart, two cycles dancing together, okay... Anyway, short-term is still uncertain.
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Another bunch of pattern analysis, I just want to know whether it will go up or down next, stop keeping me in suspense.
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Relief is relief, but whether it can break through the resistance is the real skill. It's too early to say anything now.
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Is the market digesting the decline? Feels like it's been digesting all along. When will it be over?
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Two time cycles interacting... sounds advanced but still feels ambiguous.
It's the same pattern analysis again. Haven't you learned enough from the two-week lesson last time?
Relief from selling pressure ≠ market turnaround. Don't just focus on the cycle; check how the actual trading volume of the market looks.
The formation of this three-week pattern is a bit interesting, but we need to wait for confirmation of the breakout before making any conclusions.
Digesting the decline is a euphemism; in plain terms, it just means there's no clear direction.
Two cycles interacting? Sounds sophisticated, but in the end, it's still a matter of betting on the direction...
I don't believe in the monthly candle pattern. BTC is just this way, constantly messing around.
I've said it before, the key is how these two cycles interact. In the short term, BTC needs to give us a clear signal.