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This Textbook Indicator Hints a Sharp Bitcoin Trend Reversal

Davit Babayan by Davit Babayan
3 years ago
in Bitcoin, Cryptocurrency news, Technical analysis
Reading Time: 2 mins read
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The bullish outlook for bitcoin improved exceptionally in the second quarter of 2019 as the cryptocurrency surged by more than 165 percent. But according to a crucial technical indicator, a sharp reversal is underway.

Prominent market analyst Josh Rager spotted Shooting Star — a candlestick pattern in which an open, low, and close, are virtually the same — on a weekly bitcoin chart. Rager called the Shooting Star pattern a “sign of a bearish reversal,” further confirmed by a long upper shadow towards the week’s peak level of $13,868.44, as shown in the chart below.

bitcoin, bitcoin price
Bitcoin Price Hints Sharp Reversal upon ‘Shooting Star’ Formation | Image Credits: Josh Rager Twitter Page

“Weekly close looks ugly,” said Rager. “You’ll likely see this shooting star type of Doji all over CT [referring to Crypto Twitter], which typically is a signal for reversal and we could see a couple of down weeks for Bitcoin.”

Buying Opportunity Ahead?

Rager’s statement followed a sharp fall in the bitcoin price on June 27, right after the cryptocurrency established its year-to-date high. On the day, the BTC/USD rate dropped as low as 25 percent to $10,300 from its local high, partially due to an outage that took place on Coinbase, one of the world’s leading cryptocurrency exchanges.

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The pair’s attempt to compensate the massive intraday loss met with a strong selling sentiment over the weekend. It dropped about 14.31 percent to $10,650.06 – a higher low on an hourly timeframe, as shown in the chart below.

bitcoin, bitcoin price
Bitcoin Price Trending in Pennant | Image Credits: TradingView.com, Coinbase

It is likely for the bitcoin price to retest the resistance of the Wedge pattern. But in a longer timeframe, like the one presented by Rager, the likelihood of a sharp pullback is higher. The analyst stated on Sunday:

“Bitcoin is battling at major support at $10,800. It’s a real battle here, a close below this area [really] seems to signal a continuation of bearish reversal.”

The bitcoin price support of $10,800 was rejected today. However, Rager had also said on Sunday that a price drop towards the $9,000-10,000 level could attract more traders based on bitcoin’s historical behavior.

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“Bitcoin has pulled back near 26% (similar to May ’19) before it consolidated for weeks & continued up It’s not often we get two 26%+ pullbacks so close together in bull market So it’s a real buying opportunity if BTC closes below $11,500 tonight & we retest the $9k/$10ks.”

$BTC: Bitcoin has pulled back near 26% (similar to May '19) before it consolidated for weeks & continued up

It's not often we get two 26%+ pullbacks so close together in bull market

So it's a real buying opportunity if BTC closes below $11,500 tonight & we retest the $9k/$10ks pic.twitter.com/hMYg2CMHde

— Josh Rager ? (@Josh_Rager) June 30, 2019

$20,000 Price Target

Oman Bham, a Youtube-based cryptocurrency analyst, predicted further downside action for bitcoin while setting a support target of $8,000 in the near-term. He further stated that the cryptocurrency would retrace to the upside towards $14,000 in “over the next couple of weeks to a month.”

“Afterward, $20,000 is the next target, with eyes toward $28,000 & $30,000, before a correction,” Bham added.

The price of bitcoin at the press time was $10,872.41.

Tags: bitcoin
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Davit Babayan

Davit Babayan

Davit Babayan is an Armenia-based expat balancing the academic life of a software design engineer with the experiences of a financial technology journalist. He aspires to be a full-time columnist and wants to write a book that would be called, "A Homeless Who Found Bitcoin."

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