BTC COMMENTARY May 20
* On W1 frame: The W1 candle that just closed is a strong bullish candle with large volume. This candle completely absorbs the selling force of the previous candle, forming a Bullish Engulfing candlestick pattern, which reflects that the buyers are controlling the market.
- Overall, BTC is still sideways in the 60-72k price channel. The main trend on the weekly frame is still up, so I still maintain the scenario that BTC will continue to break the peak to continue the uptrend in the medium term.
* On frame D1: After breaking out of the reverse athlete pattern, BTC is forming an Insidebar candlestick pattern with 01 mother candle and 02 child candles, it reflects the cumulative price compression in preparation for the next strong fluctuation. .
- BTC chart structure on D1 is increasing, short-term buying pressure is strong => From my perspective, it is possible that after BTC accumulates, it will break out of the Insidebar model to test the upper border of the price range at 72- 74k.
* Trading idea: Wait to enter a Swing, Long BTC order around the 64-65k price range, expecting BTC to test the peak and possibly break the old peak in the near future.
