Evening Star: Reversal Pattern Could Sunset Bitcoin Price Action For Weeks

It is a stretch to say Bitcoin is bullish, but what if bulls were simply resting after a tough “evening” and are just about ready for a new “morning?” A potential, high timeframe bullish Japanese candlestick reversal pattern called a morning star could be predicting just that. Here is a closer look at the potential reversal signal and the conditions necessary for confirmation of bullish upside. A “Morning Star” Could Jump Start A Bullish Reversal Bitcoin has been in a brutal downtrend since November 2021. After a full month of extreme fear in the crypto....

Here’s what we are focusing on for this evening's session in the bitcoin price. So we are coming to a close of the first day of the week in the bitcoin price market, and it’s time for us to take a look at how action during today’s session has impacted on out strategy. Further we need to address how this impact is going to play out this evening from our point of view. So, without further ado, let’s get to the details. First, a quick look at today’s action. The chart below shows the action seen in todays market (it’s clean, we’ll add some key levels shortly). So as the chart shows, action....

Things are looking dark across the cryptocurrency market, especially for Bitcoin. But a potential reversal pattern called Morning Star could bring a return to the bullish narrative faster than the speed of light. Here is a closer look at the possible Japanese candlestick reversal pattern and the conditions necessary for confirmation. Crypto Bloodbath: It’s Always Darkest Before The Dawn Although the origin source is uncertain, 17th century English theologian and historian Thomas Fuller is credited with the quote, “it’s always darkest before the dawn.” Cryptocurrency....

Here's a look at what we are focusing on in the bitcoin price this evening. We said this morning that the bitcoin price had been pretty frustrating from an intraday perspective over the last few weeks, and that we hoped this would change as we headed into the close of this one. The frustration is rooted in the sideways action, and the relatively tight range, giving us nothing sustainable by way of breakouts to go after. Well, as today’s action has matured, we’ve seen pretty much an identical continuation of this trend. Sideways action caught between a tight range, with no volatility to....

Bitcoin Price Key Highlights. As predicted in an earlier article, bitcoin price was hit by profit-taking during the FOMC statement, as the US central bank decided to hike interest rates for the first time in nearly a decade. Price is now testing the rising trend line visible on the 1-hour and 4-hour time frames and may be due for a bounce. Reversal Pattern? The 100 SMA is still above the longer-term 200 SMA, which means that the path of least resistance is to the upside. However, a downward crossover is looming so a reversal could also be possible if that happens. In addition, a complex....