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bitcoin morning star
Nexo Logo

This Bitcoin Morning Star Could Brighten The Bullish Narrative In A Flash

Tony Spilotro by Tony Spilotro
7 months ago
in BTC
Reading Time: 3 mins read
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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 markets, and Bitcoin in general, have shown time and time again that when things seem at their worst, it is usually the best time to buy for the largest return on investment. It is what contrarian phrases like “buy the blood in the streets” and “be greedy when others are fearful” are meant to convey.

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Related Reading | Bitcoin Bottom Signal From Bear Market, Black Thursday Could Save The Bull Run

Things might seem bleak for Bitcoin considering a 38% correction from highs and a high-risk macro environment. But just as Fuller’s quote would indicate, the potential for a reversal is possibly here and it could begin with the dawn of a Morning Star pattern.

bitcoin BTCUSD_2021-12-15_11-31-02

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Bitcoin price must close $53,500 for conditions to be met  | Source: BTCUSD on TradingView.com

The Level Bitcoin Must Reclaim To Confirm A Morning Star Reversal

On weekly Bitcoin charts, the leading cryptocurrency by market cap can be seen with a massive down move and corresponding red candle, followed by a green doji indicating a pause in the trend – or a period of indecision. Doji appear ahead of continuation, or a potential reversal.

If bulls can close the current weekly candle with an aggressive move of a similar magnitude, the doji will be the turning point of a Morning Star reversal pattern.

Related Reading | Learn More About Japanese Candlesticks Patterns In Bitcoin

A Morning Star is a bullish reversal pattern based on Japanese candlestick formation. For the pattern to be valid, this weekly Bitcoin candle must close above $53,500 or at least 50% of the red candle down. Without those conditions met, bears could continue to control crypto market price action.

Morning Star reversals have an accuracy of breaking bullish 78% of the time and according to Thomas Bulkowski, ranks 6th out of 103 different candlestick patterns in terms of overall performance.

Top of the morning to ya #Bitcoin – or should I say bottom? Learn more about Japanese candlestick patterns here: https://t.co/9VciIY9hBn pic.twitter.com/Z4TVeGabtB

— Tony "The Bull" Spilotro (@tonyspilotroBTC) December 15, 2021

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

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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