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bitcoin bear-1903099_1280
Nexo Logo

Bears Salivate As Bitcoin Monthly Close Leads To Indecision

Tony Spilotro by Tony Spilotro
1 year ago
in BTC
Reading Time: 3 mins read
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Bitcoin price is back above $56,000 once again, after a tug-of-war between bulls and bears has led to a bit of a stalemate just as the April monthly comes to a close.

The monthly candle at current levels will close as a doji, signaling indecision, and a potential reversal ahead. Here’s a closer look at the potential reversal pattern that has crypto bears salivating for cheaper coins in the days ahead.

Bitcoin Bears Make A Stand Against Bulls, Rally Reaches Stopping Point

It is hard to be bearish on Bitcoin at all, let alone right now. The cryptocurrency has risen from pennies to more than $60,000 per coin. The scarce BTC supply suggests these are still early days and there’s a lot more ROI to go, potentially reaching prices of hundreds of thousands each in the future.

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All of 2021 thus far has been like a rocket ship for Bitcoin and its altcoin brethren. Ethereum and Dogecoin have massively outperformed the top cryptocurrency and several others have done even better.

Related Reading | Bitcoin Price Forecast: Cloudy With A Chance Of Downside

Bitcoin profits being taken and flowing into altcoins is just one of many reasons for the leading cryptocurrency by market cap to take a pause. Incredibly overheated technical indicators, and a sudden fear of coming regulation combined with a huge capital gains tax hike on the horizon are also to blame.

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The indecision has led the pivotal April monthly candle close to form a doji, if and when it closes tonight at 8PM ET.

bitcoin april monthly close

The monthly should close as a doji, but there's risk of a reversal | Source: BTCUSD on TradingView.com

Potential Evening Star Reversal Pattern Could Mean Lights Out For Crypto Bulls

A doji is either a sign of indecision before a trend continues or is a signal a reversal is near. But it all depends on what comes next after the doji is formed. If another massive move up follows in May, then the bull trend is back on full force.

However, if bears get the best of price action over the next month and close with another red candle, there’s risk of an evening star pattern.

Related Reading | Potential Island Reversal Leaves Bitcoin Bulls Stranded

An evening star reversal is a Japanese candlestick pattern that that forms when there’s a sharp rise capped off by a doji, then followed by an similarly strong showing by bears to the downside.

The red candle in May must engulf at least 50% of March’s historic candle close to be confirmed. If May closes below $50,000, there’s serious risk of more downside in the top cryptocurrency ahead.

The reversal pattern also has appeared during the same month as a rare “Pi cycle top indicator” has triggered its signal for only the fourth time in Bitcoin’s history.

Featured image from Pixabay, 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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