After finding appropriate RSI and MACD entry points, traders benefit from analyzing key candlestick formations.
Below are the candlestick reversal formations detailed in this chart.
Two Black Gapping: appears after a notable top in an uptrend, with a gap down and two red bars.
It predicts lower lows with an accuracy of 68%.
Bearish signs - three black crows, followed by a pullback; incoming bearish MACD cross.
Bullish signs - bullish ascending channel is still respected
For a bullish case the red line at (0.014736) should be broken.
Most likely scenario is the retest of a red line at (0.014736) and a wick down to 0.011398
BTC is in Corretive Phase. After break short-term support line that i mentioned in previous briefing, it moves sideways for a while and then went downward.
Let's start the analysis for BTC/USD chart.
If you are busy, you can just read below briefly
'1. Briefing '
'4. Summary and Strategy'
and click '+Thumb up, +Follow' :-)
# Corrective phase
We can see that the price of BTC bounced off the lower trendline forming the ascending triangle, and has broken out from the downward channel it was previously in. This action completed the formation of the double top.
Conditions are set for the formation of a triple top, we can see that in the 2nd valley. The first bounced at ~7.8k and this last bounce was at...
We have nice three black crowns formation on daily. There is double bottom which in my opinion is kind of false signal. It is pushing pair higher but it seems to me that the bulls power is not enough and EURUSD is preparing to go lower towards 1.500.
April Lean Hogs collapsed further today. Looking for candlestick pattern 3 black crows tomorrow, which might suggest building out the last leg of the Cypher pattern. Next target for the bears is 61.8% at 66.675. Still being cautious of a break up for more long action. Open interest is still rising and volume is moderate which is a good indication for continued fall.
Hey guys! Look at this formation. What do you think? As for me, it's a good Elliot wave ABC correction we might have here. On daily chart, am looking for an entry. We can see the 3 black (red) crows candlestick pattern. Aggressive traders can go short now and build the C impulse. Conservative can wait for the C impulse to complete. As for me, no time to wait.