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Home Cryptocurrency news Bitcoin

Bitcoin Price Weekly Closes As Shooting Star Doji, Epic Plunge May Follow

Tony Spilotro by Tony Spilotro
11 months ago
in Bitcoin, Cryptocurrency news, Technical analysis
Reading Time: 2min read
Bitcoin Price Weekly Closes As Shooting Star Doji, Epic Plunge May Follow
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Bitcoin price closed last night’s weekly candle as a shooting star doji, which could signal that a powerful reversal and epic plunge is coming when formed at the top of an uptrend.

Is there more downside in Bitcoin’s near term future? Or was the recent drop to under $4,000 the final bottom before the next bull market?

Bitcoin Price Weekly Candle Closes as Shooting Star Doji

Bitcoin price is trading below $7,000 once again, closing out last night’s weekly candle at roughly $6,900. As the dust settled on the week’s price action, the candle closed out as a shooting star doji – a Japanese candlestick formation that typically indicates a reversal.

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A shooting star doji is a bearish candlestick, consisting of an extremely long upper wick, and a candle body that is very small, and in close proximity to the candle open.

Related Reading | Crypto Market Cycle: Data Shows Bitcoin On Pace For Post-Halving Bull Run 

This type of candle shows an extremely strong push from buyers that is eventually rejected from sellers, resulting in a long upper wick. Because the force from bears is so strong and buyers have are already exhausted from the initial push, the following price action is typically bearish, and often a dangerous drop is next.

A shooting star doji looks exactly the same as an inverted hammer candle – another reversal candlestick. The only difference is that a shooting star doji occurs at the top of an uptrend, while an inverted hammer happens at the bottom of a downtrend.

Last Shooting Star Doji Preceeded Epic Plunge to BTC Bottom

Shooting stars often precede an epic plunge, due to bulls running out of buying ammo in the initial surge in price, who are later taken by surprise by the strength of bearish traders.

Bitcoin price bouncing from lows around $3,800 and rocketing back upward to above $7,000 took a lot of buying momentum. But once the first-ever cryptocurrency met former support turned resistance, the asset was rejected resulting in a long wick and the weekly closing out as a shooting star doji.

The last time a shooting star doji was spotted on Bitcoin price charts across weekly timeframes, was on October 18th during peak Tether controversy. Crypto traders fearing issues surrounding the stablecoin’s parent company, sold off Tether for Bitcoin in a panic, causing the price to pump rapidly.

bitcoin price shooting star doji

What was left behind was an enormous wick, and battered and beaten bulls who bought up what they had thought at the time was a massive breakout from downtrend resistance.

Related Reading | Next Major Bitcoin Drop Could Fall to as Low as $1,800: Analyst 

With bulls running out of steam and bears gaining the upper hand, less than one month later, Bitcoin price broke through support at $6,000 and fell to its current bear market bottom at $3,200.

Now that another shooting star doji has formed on Bitcoin price charts, could another similar epic plunge be in the cards?

Featured image from Pixabay
Tags: bitcoinbitcoin pricebtcusdcryptoshooting star doji
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. 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 and feel free to drop me a line if you would like to work together.

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