Bitcoin Market: Very Bearish Pattern Forming on the Weekly.
Hi traders, the weekly chart is showing some very bearish signals.
Here's why.
Bitcoin.
Today's article is meant as a companion piece to yesterday's analysis, also I'd to to give a big shout-out to Ernie the Trader of Futures for pointing this out in his latest video. I usually never rely on anyone's analysis but my own but what I am about to show you does have some statistical significance... with a caveat.
In a nutshell, the weekly chart is forming a "bullish" three line strike pattern:
- Despite its name, this rare pattern foreshadows a bearish reversal according to Bulkowski:
Now it's important you note that the pattern hasn't completed yet: the body of the bearish red candle hasn't completely engulfed the body of the previous three green candles and we still have about two days left before this week candle closes so there is still a possibility for this pattern to turn into a more conventional dip.
A confirmation of a weekly three line strike however would be very bearish and to me would confirm that we're headed back to $6.5k with the possibility of a break down to lower value nodes as indicated in the chart above.
Trade safe ya'll.
If you liked this post please consider supporting Dan's blog by upvoting, re-steeming and following yours truly and If you'd like more content like this or if you're simply interested in learning more about cryptocurrencies, come join my awesome community on Discord. Don't be shy, it's free!!
Thank you for such valuable information @tradealert.
Take care my friend.
My pleasure Mr.@vlemon
All the #bitcoin "influencers" posting price going to $12,000 and $20,000 suddenly gone quiet. They never share how to trade a failed pattern, only highlight the winners.
yeah @nzfxtrader bear markets tend to separate the traders from the gamblers
Coins mentioned in post:
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by tradealert from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.