THE BITCOIN BULLS MUST WATCH THIS CHART LIKE A HAWK.
Cryptobull9ja, [11 Oct 2021 at 1:02:41 AM]:
This is a chart I have been watching for some times now,
Looking at the previous candle before this current one you can see bitcoin closed that candle as a SHOOTING STAR CANDLE.
The textbook meaning of that candle is a bearish candle.
Although someone said it looks like a GRAVESTONE DOJI CANDLE but I said that’s not a grave stone Doji because mostly a Doji candle don’t have a real body that’s why it is called a DOJI CANDLE. But in this case you can see that the candle has real body even though it’s a small body.
So why is it important to watch that candle?
Well, if you look back at the whole of bitcoin price chart and you take a look at the candles, you can see I have alighted the most important candles in GREEN AND RED CYCLE.
The candle in the Red Cycle is a bearish candle and the Candle in a Green Cycle is a bullish candle.
The first candle which is a bearish one is an HANGING MAN CANDLE.
When a HAMMER CANDLE appears at the top of an uptrend it is called HANGING MAN and it a bearish candle. It is a sign that the bulls are about to lose control of the trend and the bears are about to take over. If you look closely you can see after bitcoin printed that candle, the price plummeted from $995 down to $152.
The next candle in green cycle is a HAMMER CANDLE. When a hammer candle appears at the bottom of a down downtrend is it always consider to be a bullish candle and as you can see, that candle appears at the Bottom of a downtrend which is a sign that the bears have lost control and the bulls are about to take over. After bitcoin printed that candle you can see what happened, the bitcoin price went parabolic from $152 to $19666.
The next candle is also a HAMMER CANDLE. And it is also a bullish one. You can see after the price went parabolic to $19666 bitcoin was in a consolidation phase. The price was basically going sideways. During the Corona crash, the price plummeted to 3850. There was a huge buying pressure, you can tell from the candle wick, The bulls stepped in and push the price back up which is the reason why we printed that HAMMER CANDLE. What happened after? Bitcoin price went from $3850 to $64895.
Now back to our main candle, SHOOTING STAR CANDLE which is a bearish candle.
What is a shooting star candle? A shooting start candle is simply the opposite of a HAMMER CANDLE. Meaning if you turn a hammer candle upside down you will get a shooting star candle same way if you turn a shooting star candle upside down you will get a hammer candle.
If a shooting star candle appears at the top of an uptrend that’s a early sign that the trend is about to change and the bears are about to step in
you can see after the price hit $64895 there was a huge selling pressure which makes that candle to close as a SHOOTING STAR CANDLE.
So if you noticed the 2 bullish candles we discussed before makes the bitcoin price to go parabolic and they are both HAMMER CANDLES, but now bitcoin has printed the opposite of those candles and it baffles me that a lot of people are not even taking about it.
It easier to tell someone bitcoin price is going to 100k or 200k but what fact do you have to back it up? Is that what the chart is saying? Most of this people calling all this prices just focused on 1 hr and daily timeframes ignoring what is happening in the big picture.
Never ignore a bearish sign on a chart especially if it’s appearing in a bigger timeframe.
That’s the reason why I always tell people to concentrate on what is happening on the chart, people lies but the chart never lies.
Although the SHOOTING STAR CANDLE hasn’t really play the bearish role on the chart because you can see the current candle is a green candle and the bulls a fighting to keep pushing the trend but let it be known that the candle is still the KING for now that’s is why the bulls must pay attention to it because until we close a candle above the wick of that shooting star candle, it still remain the king.
Meaning we need a candle to close above $64895 otherwise there is a chance that the next candle will be a bearish candle. This current candle can still dump back down because we still have a long way to go before we close the candle.
INDICATOR
RSI: If you look at the RSI you can see that it is already in the over bought region. Currently at 86.
STOCHASTIC RSI: the Stochastic rsi is also getting close to the overbought region.
So pay attention to the chart, watch that candle closely and ignore the outside noise.
I will keep you posted
This is a chart I have been watching for some times now,
Looking at the previous candle before this current one you can see bitcoin closed that candle as a SHOOTING STAR CANDLE.
The textbook meaning of that candle is a bearish candle.
Although someone said it looks like a GRAVESTONE DOJI CANDLE but I said that’s not a grave stone Doji because mostly a Doji candle don’t have a real body that’s why it is called a DOJI CANDLE. But in this case you can see that the candle has real body even though it’s a small body.
So why is it important to watch that candle?
Well, if you look back at the whole of bitcoin price chart and you take a look at the candles, you can see I have alighted the most important candles in GREEN AND RED CYCLE.
The candle in the Red Cycle is a bearish candle and the Candle in a Green Cycle is a bullish candle.
The first candle which is a bearish one is an HANGING MAN CANDLE.
When a HAMMER CANDLE appears at the top of an uptrend it is called HANGING MAN and it a bearish candle. It is a sign that the bulls are about to lose control of the trend and the bears are about to take over. If you look closely you can see after bitcoin printed that candle, the price plummeted from $995 down to $152.
The next candle in green cycle is a HAMMER CANDLE. When a hammer candle appears at the bottom of a down downtrend is it always consider to be a bullish candle and as you can see, that candle appears at the Bottom of a downtrend which is a sign that the bears have lost control and the bulls are about to take over. After bitcoin printed that candle you can see what happened, the bitcoin price went parabolic from $152 to $19666.
The next candle is also a HAMMER CANDLE. And it is also a bullish one. You can see after the price went parabolic to $19666 bitcoin was in a consolidation phase. The price was basically going sideways. During the Corona crash, the price plummeted to 3850. There was a huge buying pressure, you can tell from the candle wick, The bulls stepped in and push the price back up which is the reason why we printed that HAMMER CANDLE. What happened after? Bitcoin price went from $3850 to $64895.
Now back to our main candle, SHOOTING STAR CANDLE which is a bearish candle.
What is a shooting star candle? A shooting start candle is simply the opposite of a HAMMER CANDLE. Meaning if you turn a hammer candle upside down you will get a shooting star candle same way if you turn a shooting star candle upside down you will get a hammer candle.
If a shooting star candle appears at the top of an uptrend that’s a early sign that the trend is about to change and the bears are about to step in
you can see after the price hit $64895 there was a huge selling pressure which makes that candle to close as a SHOOTING STAR CANDLE.
So if you noticed the 2 bullish candles we discussed before makes the bitcoin price to go parabolic and they are both HAMMER CANDLES, but now bitcoin has printed the opposite of those candles and it baffles me that a lot of people are not even taking about it.
It easier to tell someone bitcoin price is going to 100k or 200k but what fact do you have to back it up? Is that what the chart is saying? Most of this people calling all this prices just focused on 1 hr and daily timeframes ignoring what is happening in the big picture.
Never ignore a bearish sign on a chart especially if it’s appearing in a bigger timeframe.
That’s the reason why I always tell people to concentrate on what is happening on the chart, people lies but the chart never lies.
Although the SHOOTING STAR CANDLE hasn’t really play the bearish role on the chart because you can see the current candle is a green candle and the bulls a fighting to keep pushing the trend but let it be known that the candle is still the KING for now that’s is why the bulls must pay attention to it because until we close a candle above the wick of that shooting star candle, it still remain the king.
Meaning we need a candle to close above $64895 otherwise there is a chance that the next candle will be a bearish candle. This current candle can still dump back down because we still have a long way to go before we close the candle.
INDICATOR
RSI: If you look at the RSI you can see that it is already in the over bought region. Currently at 86.
STOCHASTIC RSI: the Stochastic rsi is also getting close to the overbought region.
So pay attention to the chart, watch that candle closely and ignore the outside noise.
I will keep you posted
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