moker-X
Short

Candlestick analysis to determine price direction on BTC/USD

BITFINEX:BTCUSD   Bitcoin / Dollar
The ABC correction is completed and was followed by a rebound, as one can expect after a mid-size dump.

It seems the price has reached a mid-term (1-4 months) top, and I believe we are still in a bearmarket. Why i believe this is explained below.

To determine a trend reversal I mainly use candlestick analysis, which forms a good basis to find out which way the market is headed. If one looks at the 3day chart, it seems that the last candle is forming what is called a shooting star candle, a bearish signal which most professional traders recognize, meaning they will act upon it. Such a shooting star is followed by a bigger red candle, which should fall under the low of the current candle. The next 3day candle starts this thursday, meaning only tomorrow is left to form the shooting star .

In addition to the above, the 12 hour chart presents two red candles, the first one closed below the previous low and was followed by another red candle. this is a confirmation of a trend reversal (this candle stick pattern is called dark cloud cover)

Time to open shorts again......

Good luck to all!
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