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bitcoin three black crows reversal pattern
Nexo Logo

Bitcoin Price Monthly Chart At Risk Of Three Black Crows Reversal

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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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.

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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.

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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.

Tags: bitcoinbitcoin pricecandlestickschart patterncrypto
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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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