We are seeing a "Hammer" candlestick form on the monthly time frame. The monthly candle is yet to close but will be closing in less than three days.
This is a bullish signal if an actual hammer candlestick shows up at the end of the month.
Here is a quick definition of this pattern:
"The Hammer candlestick formation is viewed as a bullish reversal candlestick pattern that mainly occurs at the bottom of downtrends."
Another one:
"A hammer is a type of bullish reversal candlestick pattern, made up of just one candle, found in price charts of financial assets. The candle looks like a hammer, as it has a long lower wick and a short body at the top of the candlestick with little or no upper wick. In order for a candle to be a valid hammer 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.
Namaste.
Comment
⋅
Thanks for the comments.
Please keep them coming.
Comment
⋅
Bitcoin trading channel:
Comment
⋅
Small retrace. MA500 needs to hold, or the view becomes bearish:
Comment
⋅
Another push up is coming soon... We have good support.
Comment
⋅
From one of our followers in the comments section. @DeepandMoon
Comment
⋅
We had a nice close on the daily candle. The bears pushed the price down, the "relief rally" needed for the next push, yet the bulls quickly pushed back up.
So far it is looking good... I think it will take a few more days before we can see the next move...
Comment
⋅
Bitcoin on the monthly time frame:
Comment
⋅
Please follow my new trade idea by clicking on the image below:
Today the monthly candle closes, we will see if we will get a hammer or not...
Go to your "Profile settings" and make sure that under "NOTIFICATIONS" you have the "Email" tab checked for the "PEOPLE YOU FOLLOW" & "IDEA YOU FOLLOW" section... So that you can receive an email when I post a new trade! Namaste.
Comment
⋅
The monthly candle ended up in a hammer. This is a bullish candlestick...
Let's move on...
Comment
⋅
Monthly hammer candlestick from August still active. 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.
I think Bitcoin is getting ready for another large sell off by early next week. The trend is down. A few small market maker crumbs does not change that. If Bitcoin crosses the upper median line of this schiff pitchfork, i'lll have a re-think. It needs to break the dotted warning line before i'll have strong bullish sentiment.
@TEXAGG22, @alanmasters, what's this, the unstoppable megabull politely brushes against the unmovable megabear? :)
dRends35
⋅
So many moon arrows on this page now. All i see is sloppy choppy ascending price action for an extended period. Looking left on the chart this leads to the elevator down which will probably be arriving soon. September is here. Big boys back from their holidays now... Still nothing bullish this year imo except hope and complacency .
@MC_Peewee, Tbf, with a bit more skill this uptrend was probably trade-able, but perhaps a better strategy is to look elsewhere rather than sticking with one chart looking for sloppy seconds, especially when the trap door can open at any moment and wipe-out a position. Ok stop loss, yes, but a trending chart would be preferable.