Now, this pattern can normally be used as a reversal signal when it comes at the bottom of a trend, but after consolidation (blue on the chart) it can signal the continuation of a trend.
The above idea is supported by increasing .
- So we have the "Three White Soliders" pattern after consolidation with good .
- Market sentiment is now turning , but with plenty of denial going on all around the place.
- The altcoins market bullishness is another signal that the cryptocurrency market is in a position to continue growing.
- Altcoins that tend to move inverse to Bitcoin are now growing as well.
Even with the above said, we remain open to seeing Bitcoin going either way, so I've marked levels on the chart.
- Brown dashed lines are for support levels.
- Green dashed line is the main strong support (EMA10).
- Blue dashed lines are for resistance levels (targets).
Where do you think Bitcoin is headed next?
Please share your thoughts on the comments section below.
Remember to hit like now if you want to show your support.
"A three white soldiers pattern appeared after two small bearish candlesticks. The third candlestick was very long and broke out the previous highs resistance. The price rose more than 70 pips in several hours, however, the stochastic oscillator indicator showed clearly that the market was overbought. So it’s not hard to understand the following market did not keep moving up."
If you take a look at BTC´s weekly RSI you can clearly see that we are in overbought territory right now. And RSI is by far not the only indicator that screams for a correction/trend reversal.
I know it´s only your opinion but speaking about "ultra bullishness" in this case seems to be very negligently in my eyes.