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BITCOIN Weekly Closes Bullish Inverted Hammer (Down Then Up!)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Weekly candle for BITCOIN’ (BTCUSD’) closes as inverted hammer . When it comes to candlesticks , this is a bullish candle, take a look:

"The inverted hammer is a type of candlestick pattern found after a downtrend and is usually taken to be a trend-reversal signal. The inverted hammer looks like an upside down version of the hammer candlestick pattern, and when it appears in an uptrend is called a shooting star ."

Consider the following points:

- Strong support (6k level making bears go crazy)
- Bottom of downtrend.
- Increasing green/bull volume .
- Market sentiment changing.
- Altcoins on a bull run.
- Alan Masters
- Namaste.

Note: Expect a small retrace in price followed by a move up to test our next resistance.

Next target: Galaxy Travel.

Thanks a lot for reading.

If you enjoyed this post, feel free to like, comment, share & follow for more.

God Bless You!
Divine’ is your Soul.

Namaste.
Comment: Previous analysis:
Comment: Bitcoin Sideways Continues. This is what we were expecting for a while, sideways action with small bouts up, this allows time for the altcoins bull run to continue.

At one point Bitcoin will do another push up and then retrace back to the same range to allow more times for the altcoins to continue.

For now, we have $6500 as very strong support, holding since 21st September, and $6780 as resistance with $7000 being very strong resistance.

Here is the chart:
Your support is highly appreciated.
Please like, share, comment and follow


Namaste.
Comment: Bitcoin continues with sideways 'boring' action... So we trade altcoins - FOR HUGE PROFITS - in the meantime.

DNTBTC is moving up, gave a 'warning' 9 hours before it happened, take a look:

MCOBTC, we have it since 6th September, huge profits now:
Enjoy the trades while we wait for Bitcoin to resume its action.

Thanks a lot for reading.

Thanks again for the amazing and continued support.

Namaste.
Comment: Decred (DCRBTC) will be added to Binance tomorrow.

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Comments

Steve Nison in his seminars teaches regarding the Inverted Hammer candlestick pattern, "generally don't use this." Described as the same shape as a shooting star but in a downtrend, he states that it is a potential trend reversal signal "in theory," but suggests that traders consider it a lower probability signal. All things considered I think your analysis is spot on. This was written for the benefit of the reader. Don't go buying on Inverted Hammers.
+7 Reply
alanmasters zerocashcool
@zerocashcool, Thanks a lot for sharing. Very useful inof.

Namaste.
+2 Reply
Alan spotted a magic hammer made of tether panic. Let’s use it to reverse the trend in this magic crypto land.
+7 Reply
@leoa451, Sure thing. Great money trading cryptocurrency, specially altcoins, huge profits.

Thanks for the support.

Namaste.
+2 Reply
The hammer was due to the tether panic!
+4 Reply
@cpiljoo, Still a hammer.
+1 Reply
cpiljoo alanmasters
@alanmasters, yes but we will see... thx
Reply
Hey pro!
I made a big breakdown from weekly to the 4h time frame but currently, looks like the minor trendline worked nicely as a resistance and "Head and Shoulders" pattern will guide us around $6,460-$6,500!

All the best!
+2 Reply
alanmasters VaidoVeek
@VaidoVeek, Thanks for sharing.
+1 Reply
'Galaxy travel' lol, love you man. Thanks for the update.
+2 Reply
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