Will BTC Form a Bearish Dragon Pattern on the Weekly?

1 sept

Do you remember this chart?

It was one of the most successful analyses in my history, predicting support and resistance levels with the accuracy.

In technical analysis, there is a pattern known as the Dragon Pattern, which follows a trendline break with confirmation of double tops or bottoms. Using my custom indicator, I have made it possible to automatically detect this movement based on my unique conditions. (Note that various calculations are performed in the background, and I'm not arbitrarily selecting tops, bottoms, or trendlines, nor merely applying horizontal levels. If you make easy assumptions based on the visual similarity of highs and lows, you could expose yourself to significant risk.)

No matter what type of technical analysis you use, it falls under the realm of probability and does not guarantee future predictions. In this case, it simply suggests that certain conditions may be met. Still, it is natural to think that what happened on the 4-hour or daily timeframes could also occur on the weekly timeframe. In that scenario, the levels marked by the white boxes would be tested in sequence. Specifically, theoretically, the levels to watch are 54k, 46.5k, 44.5k, 39.5k, and 35.5k. On the other hand, as with the daily timeframe, there is also a scenario where, after a rebound, BTC could aim for 69k again. However, the August monthly close was quite weak. Even with a slight rebound, the probability is higher that the price will trade lower again, likely breaking 49k to mark a new low.