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Bitcoin Price Monthly Chart At Risk Of Three Black Crows Reversal

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
bitcoin three black crows reversal pattern

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This weekend, Bitcoin price closed its second consecutive monthly red candle in a row, as bulls failed to push the price of the leading crypto asset by market cap through resistance to retest its recent local high.

And while bulls have since given it another go and the current September monthly is currently a green candle, should bears regain control and close out September with a red candle, Bitcoin price charts may be exhibiting a “three black crows” candlestick pattern that suggests the bull market was short-lived, and the trend will resume downward.

Three Black Crows: Could the Bitcoin Bull Run Already Be Over?

Japanese candlesticks are a common way to depict price charts on various financial assets. Each candlestick has a body, and possibly an upper or lower shadow often called a wick. The highest point of the body is the candle’s open, and the lowest is its close, while the top of any upper wicks shows the high for the candle and vice versa for the candle low.

Related Reading | Bears Beware: Bitcoin Price Might Range For Another Month

Depending on how these candlesticks close, they can also tell crypto traders and analysts a lot about the asset’s price action, such as if the trend may be coming to an end, or if there’s a strong sign of continuation. Even indecision is often depicted in candle structures.  Other times, candles close in succession, forming a pattern.

This past weekend, Bitcoin price closed its second consecutive red monthly candle – the first time it has done so in all of 2019.

And while two red consecutive monthly candles aren’t of much significance aside from it being the first time it’s occurred since Bitcoin’s bull run began, a third red monthly close would be particularly ominous.

Three red long red candle closes in succession in a descending staircase like pattern, would be a strong bearish reversal candlestick pattern called “three black crows.”

bitcoin price three black crows

Image courtesy of babypips.com

Wikipedia describes as a pattern that “unfolds across three trading sessions, and consists of three long candlesticks that trend downward like a staircase. 

“The three black crows help to confirm that a bull market has ended and market sentiment has turned negative,” the Wiki entry reads.

Related Reading | Livermore Accumulation Cylinder Suggests Bitcoin To Set New ATH Next Rally 

Bitcoin price is currently trading above $10,100 as of the time of this writing. For this forewarning candlestick pattern to play out, bulls will need to fail in this current rally and bears will need to close Bitcoin price at $9,000 or lower. If this happens, the conditions for a “three black crows” reversal pattern will be met and would suggest that Bitcoin’s current bull run is over before it ever really got started.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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