2020/5/28 BTC盤勢分析 x FTX平台交易競賽 2020/5/29 Now! This is wave 5 of BTC (Wave theory)

There are 4 probably paths for development of BTC!

2020/05/28 (Thursday) 空頭不死 多頭不止的行情!! (Short squeeze)

#Technical Analysis of BTC(D)
There are four probably paths 1~4 for development of BTC price (dotted yellow arrow)
*Path 1:Price of BTC return to the ascending channel ($9420-9500) and challenge $10000 again.

*Path 2 (Higher probability):When the price of BTC near to resistance area $9420-9500, prices start to fall correction and the pattern target of correction is $8150-8200. If the price of BTC down towards the critical support $8150-8200, bulls will push the price to ascending channel and challenge $10000 again.

*Path 3 and 4 (Extreme case):When the price of BTC near to resistance area $9420-9500 or $10000, price break below $8150 and double head formed (M head). The pattern target of such a drop is $6500-7000. If price is supported at $6500-7000, bulls keep buying on dips that will push price up to $10000 again.

In addition, price/volume trend indicates that the overall volume of BTC continued to shrink. Unless volume can be replenished within three days, the price will start to fall when it encounters pressure areas ($9420-9500, $9700-9750, $10000-10500).

Finally, the MACD indicator indicates that the column below the zero axis has begun to converge, traders should pay attention to whether the fast and slow lines of MACD indicator can form the golden fork above the zero axis. On the other hand, KD indicator reveal that market makers just completed the upward crash (long squeeze, more than 3 days KD<30).Hence, short squeeze will start in the short term.

To sum up, short squeeze will have a chance to happen in the short term (Path 2), the price of BTC is likely to challenge $9420-9500 (KD 60-70).
If retail investors continue to be bearish, the price of BTC may even get close to $10000 (KD 70-80, strong short squeeze)
2020/05/28 Trader Yu-Shiuan Chen [TW]

2020/05/28 BTC Technical analysis