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bitcoin dragonfly doji
Nexo Logo

Bitcoin Daily Dragonfly Doji Gives Bulls Hope Of Sharp Reversal

Tony Spilotro by Tony Spilotro
1 year ago
in BTC
Reading Time: 3 mins read
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Bitcoin price is now up $6,000 from yesterday’s low in a flash. A long wick below support is now left behind, forming a Japanese candlestick formation called a dragonfly doji. With a large follow through by crypto bulls already, a daily close above $36,000 could leave a reversal pattern behind on the charts.

But to how high might the once trending cryptocurrency climb if it can find a bottom? And is this a dead cat bounce, or the full recovery back into a bull market the masses are waiting for?

Will A Dragonfly Doji On The Daily Let Bitcoin Fly Again?

Although so many investors in cryptocurrencies are quick to write technical analysis off as witchcraft or little more than a guessing game, there is a real technique to it.

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When done properly, there are strict rules to follow that confirm signals along with statistics that show what type of results to expect from the behavior. Studies have been done on chart patterns, indicators, and more – all the way down to the candlestick.

Related Reading | What The Last Leg Up In The Bitcoin Bull Market Could Look Like

The study of Japanese candlesticks is as basic as it gets, but that doesn’t discount its effectiveness. The open, close, low and high of each candle can provide all kinds of information about the market and what to expect.

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For example, the dragonfly doji on Bitcoin daily charts by itself is enough to suggest a reversal is finally here. And with bullish follow through today, a more prominent reversal pattern is also forming.

bitcoin dragonfly doji

A dragonfly doji could lead to the completion of a reversal pattern | Source: BTCUSD on TradingView.com

What The Reversal Pattern Could Mean For Crypto

With a dragonfly doji pattern on the daily, and a TD 9 buy signal on the weekly timeframe, Bitcoin bulls just need to hold on until Sunday night’s weekly candle close and a reversal will look a lot more likely.

The above mentioned dragonfly doji is the center-point of a morning star reversal pattern in the making. If bulls can close today’s daily candle and follow through into tomorrow, a more extensive move higher is likely.

Related Reading | Time To Pay Attention: Bitcoin Indicator Behavior Mimics Historic Rally

Resistance at $40,000 and $48,000 both could be potential stopping points before $50,000 is reclaimed. Above $50,000 should result in a retest of previous highs and if those are breached, then the bottom of this bull market correction will be set at $30,000.

At that point, it would be time to turn back toward trying to catch the top of the market cycle, wherever that ends up being. And it all could start with a dragonfly doji on daily timeframes.

Featured image from iStockPhoto, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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