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Home Cryptocurrency news Bitcoin

What To Expect If Bitcoin Forms Three White Soldiers On Weekly Timeframes

Tony Spilotro by Tony Spilotro
7 months ago
in Bitcoin, Cryptocurrency news, Technical analysis
Reading Time: 3min read
What To Expect If Bitcoin Forms Three White Soldiers On Weekly Timeframes

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Bitcoin price this week exploded through resistance at $10,000 and blasted to a high of $11,400. The cryptocurrency is now consolidating below that level, gearing up for what one crypto analyst expects to be a follow up nearly one and a half times the size of this week’s rally.

Will the cryptocurrency close a “Three White Soldiers” formation, and if it does, what can be expected for price action in the days and weeks ahead?

Bitcoin Price Weekly Structure Looks Set For Bullish Uptrend Pattern, Claims Crypto Analyst

In response to the United States’ second round of stimulus money flowing into free markets, gold soared to a new record, while silver, Bitcoin, and cryptocurrencies went on a tear.

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These hard assets are expected to continue to perform in response to hastening inflation. Cryptocurrencies like Bitcoin are also breaking out from a three-year bear market, providing them with much pent up momentum.

Related Reading | Why Bitcoin Ditching Stock Market Correlation For Gold Is Bullish for BTC

Case in point, BTCUSD rallied over 13% this week alone, after spending nearly three full months consolidating below $10,000. And while much of the push from precious metals and crypto was due to the dollar collapsing and not all due to these assets pumping, most analysts are expecting the uptrend to continue in crypto.

According to one crypto analyst’s “bold take,” they expect Bitcoin to close out this week strong, yet next week much stronger. They see the leading cryptocurrency by market cap performing 1.5 times better than this week, confirming a three white soldiers Japanese candlestick pattern.

But what exactly will the pattern imply if confirmed?

bitcoin three white soliders

BTCUSD Weekly Three White Soldiers | Source: TradingView

Will Three White Soldiers Form On BTCUSD Weekly Price Chart? What Does This Mean?

Three white soldiers is a bullish Japanese candlestick pattern, where three green candles close in a row, each higher than the next, with similar-sized or increasingly larger candlestick bodies.

Even if the pattern confirms with three candles in a row, due to heavily overbought conditions the fourth candle in the formation is often a pullback. After that, however, three white soldiers would confirm a new uptrend.

The last time such a pattern confirmed, was during the 2019 parabolic rally that took Bitcoin price to $14,000.

Related Reading | Bearish Bitcoin Signal That Preceded 220% Explosion in 2017 Just Flashed

After finally breaking out from resistance near Bitcoin’s bottom, the asset paused, consolidated, and then took off like a rocket ship. The second weekly candle was particularly large after the breakout, matching the rally we’ve seen this past week.

What came next, was another 100% climb before the asset topped out. Another 100% rally from current prices, would take Bitcoin price to a new all-time high.

Three white soldiers are the opposite signal of three black crows. The bearish signal appeared on monthly timeframes following the asset topping in 2019, promoting a new downtrend to follow.

With three white soldiers potentially forming on BTCUSD weekly price charts, will it kick off another explosive uptrend?

Tags: bitcoinbtcbtcusdBTCUSDTcryptothree white solidersxbtxbtusd
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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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