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!
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out