Technical analysis by nothingchangehere about Symbol BTC: Buy recommendation (12/30/2024)

https://www.tradingview.com/x/9fy5TnWr/In the previous analysis,I was wrong at expecting another bull run.And now, a potential newly-born short-term downtrend is possible on the way.If K4 couldn’t close upon the downtrend channel,It is likely that the following candles fall to test 0.382fib area.I am still optimistic to the present three-years bull market,I think it had not ended yet.K1 and k2 is a strong bearish engulfing pattern, A potential week scale consolidation or a short-term bear trend is possible on the way. K3 is a weak rebound, It verified the weakness of the market. If K4 fall to test 0.382-0.5fib area of the nearest bull trend. The consolidation may be terminated there. If not, The consolidation may lasts for more weeks upon the support. I don’t think the previous bull trend will be terminated by K2.After K0 break down the neck line of a potential short-term bear head, Candles tested the neck line for many times. The demands are decreasing too. But unfortunately, K4 failed to close below K1 expanding. So, it is likely that the long-term bull force still control the market. The demands after K1 is increasing, And the supply pressure at K5 is decreasing. If the following candles return back upon the neck line, Anther bull run will start here.K4 is breaking down the long-term uptrend line, And also K4 had broke the lower price of K1. A potential downtrend channel is possibly on the way. Perhaps it is a potential early signal of a large scale bear market. If that’s the fact, K4 will close below K1 or K0. A nearest potential target at about 73-80K area. Considered the risk, I cut off all my long positions here. Short-93400/Stop-96300/Target-75K