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bitcoin three white soldiers
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Three White Soldiers: The Signal That Shows Bitcoin Bulls Are Preparing For Battle

Tony Spilotro by Tony Spilotro
9 months ago
in BTC
Reading Time: 3 mins read
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Bitcoin price just touched $46,000 for the first time in months following the worst second quarter selloff on record. The push has continued beyond yesterday’s weekly close – a pivotal close that left behind an extremely bullish battle call.

The pattern, called “Three White Soldiers,” is often the sign of a powerful uptrend brewing, but it often arrives with a feign of weakness. Here is more about the potentially important pattern and what it could mean for the current crypto market cycle.

Bitcoin Bulls Prepare For Battle With Three White Soldiers Pattern

Bitcoin price recently took a bullish turn after spending weeks grinding at support around $30,000. Repeated failure by bears to push prices lower gave bulls the confidence to make close to a 50% recovery from highs set earlier in the year.

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Three full weeks of uptrend confirmed with last night’s weekly close has formed a bullish Japanese candlestick pattern called “Three White Soldiers.”

Related Reading | The Idea That The Bitcoin Bottom Is In Is Broadening

According to Investopedia, Three White Soldiers “suggests a strong change in market sentiment” and is characterized by three similarly sized candle bodies in a row. It is “important to note that the strong moves higher could create temporary overbought conditions,” the site continues.

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If the pattern is valid, a short term retracement could result, followed by an explosive uptrend. A similar pattern appeared almost one year ago to the day, and the result was nine months of the most powerful uptrend Bitcoin has ever seen.

BTCUSD_2021-08-09_12-24-39

Bitcoin has potentially formed a powerful bullish pattern | Source: BTCUSD on TradingView.com

Three Black Crows Example In Crypto: With And Without A Trap

A similar sized drop as the August 2020 bear trap in crypto would take Bitcoin price back to around $35,000 before going on an absolute tear and potentially the last leg up of the bull run.

Bears might not get their short-lived trap this time around, either. As with most chart patterns, any bullish signal has an opposite bearish signal. The counter-signal to the Three White Soldiers is called Three Black Crows and is a signal that Bitcoin has felt the bite from before.

BTCUSD_2021-08-09_12-27-34

Three Black Crows with and without retracement | Source: BTCUSD on TradingView.com

Three Black Crows appeared before the plummet to the bear market bottom, and the same signal popped up once again at the June 2019 peak at around $14,000 per BTC.

Related Reading | A Generational Bitcoin Buy Signal Is Almost Back

In the first scenario, there was no retracement and Bitcoin simply fell like a ton of bricks through support. In the second scenario, there was a bull trap in October 2019 and an over 40% retest. The move broke records for one of the largest daily in history, but failed to break the resistance level and reclaim it as support.

After another failure, Bitcoin price fell back to its bear market bottom in Black Thursday 2020. If the two bullish signals (Three White Soldiers) also alternate in terms or retracement, there could be no bull trap, and instead the cryptocurrency slices through resistance as easily at support fell in December 2018.

Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. 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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