This is a signal if an actual shows up at the end of the month.
Here is a quick definition of this pattern:
"The formation is viewed as a reversal pattern that mainly occurs at the bottom of downtrends."
"A is a type of reversal pattern, made up of just one candle, found in price charts of financial assets. The candle looks like a , as it has a long lower wick and a short body at the top of the with little or no upper wick. In order for a candle to be a valid most traders say the lower wick must be two times greater than the size of the body portion of the candle, and the body of the candle must be at the upper end of the trading range."
What's your take on this signal?
Is Bitcoin going up next?
Please share your view in the comments section below...
Your support is highly appreciated.
Please keep them coming.
So far it is looking good... I think it will take a few more days before we can see the next move...
Today the monthly candle closes, we will see if we will get a hammer or not...
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Let's move on...
Monthly candle closes in less than two days.
Current situation for the monthly:
- Bear volume decreasing.
- Inverted hammer for October.
Will post a new update once the monthly candle closes.
Monthly bullish hammer for August remains active unless we close below $5878 on the monthly time frame.
Thanks a lot for reading.