Bearish Dragon Pattern Unfolding: Beware of Increasing Momentum
My previous analysis on the 4H timeframe was surprisingly spot on, hitting the two targeted green boxes, each followed by a rebound.
This chart pattern might look typical for those familiar with my articles. Yes, it's the Bearish Dragon pattern. I detect this pattern mechanically. All the shapes drawn on the chart are done by indicators, not manually placed.
As many have already noticed, the 4H and Daily charts form fractal shapes. It's natural to predict a similar outcome.
On the daily chart, the upper edge of the top green box is at 59.7k, the lower edge at 52.7k, the upper edge of the lower green box at 49.1k, and the lower edge at 46.2k.
Having hit the key levels on the 4H chart, the market may continue with minor rebounds or move sideways for a while. However, according to Dow Theory, it has already transitioned to a downtrend from the recent high of 72k on the 4H timeframe.
Therefore, when momentum increase becomes more apparent next—namely when the oscillator starts its steep change—it should be quite clear what will happen.
This chart pattern might look typical for those familiar with my articles. Yes, it's the Bearish Dragon pattern. I detect this pattern mechanically. All the shapes drawn on the chart are done by indicators, not manually placed.
As many have already noticed, the 4H and Daily charts form fractal shapes. It's natural to predict a similar outcome.
On the daily chart, the upper edge of the top green box is at 59.7k, the lower edge at 52.7k, the upper edge of the lower green box at 49.1k, and the lower edge at 46.2k.
Having hit the key levels on the 4H chart, the market may continue with minor rebounds or move sideways for a while. However, according to Dow Theory, it has already transitioned to a downtrend from the recent high of 72k on the 4H timeframe.
Therefore, when momentum increase becomes more apparent next—namely when the oscillator starts its steep change—it should be quite clear what will happen.
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