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Home Cryptocurrency news Bitcoin

Bitcoin Price Weekly Candle Could Be Omen Of Painful Drop Incoming

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
Bitcoin Price Weekly Candle Could Be Omen Of Painful Drop Incoming
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At the start of April, Bitcoin price rallied through resistance at $4,200 and rocketed nearly $1,000 in the matter of an hour toward over $5,000. Since the massive green candle that many believe “confirmed” a bear market bottom was in, the Bitcoin price has been consolidating between $4,800 and $5,200.

The price movement between the recent daily swing low and high, has caused the weekly Bitcoin price chart to close with a doji, which signals indecision in the market due to an equally fought battle between bulls and bears. However the next candle forms, could paint a painful picture for the price of the leading cryptocurrency by market cap.

Prominent Trader Warns of Evening Star Doji on Bitcoin Price Weekly Chart

Bitcoin price closed with a doji candlestick last night, following a week of consolidation after the previous week’s rally. As one prominent cryptocurrency trader and analyst points out, the current formation is now two-thirds of a way through of an evening star doji pattern.

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Related Reading | Bitcoin Technical Indicator Confirms New Uptrend After 16 Months of Red 

Dojis are candlestick patters that indicate indecision in a market. When they form at the top of an uptrend, it typically signals a reversal is due. The same is true in the inverse for doji that form at the bottom of a downtrend.

Watch out! HUGE Bitcoin Evening Star Doji Setup on The Weekly! – #BLX chart https://t.co/qXaNJ3RLSs

— MAGIC (@MagicPoopCannon) April 15, 2019

An evening star doji formation is comprised of three candlesticks: a strong upward candle; followed by a doji, showing indecision; then finally a strong downward candle that essentially wipes out all of the gains from the prior rally.

Related Reading | 2019 Crypto Alt Season Kicks Off With Over 20 Altcoins Doubling in Value 

The trader adds that “evening stars often produce several candles of downside continuation on the back of the pattern,” suggesting that not only can the gains from the previous rally through $4,200 be completely erased, the selloff could continue further downward. Such an event would completely destroy any remaining bullish sentiment, and could potentially send the price of Bitcoin down to test new bear market lows.

Is The Doji An Omen Of The Pain To Come to Crypto Investors?

Two weeks ago after the rally, sentiment became the most bullish it’s been in over a year. The sentiment was clearly matched as trading volumes have reached levels not seen since December 2017 when Bitcoin hit its all-time high. Important indicators even flipped bullish, confirming the uptrend.

I could be completely wrong and get stuck sitting by myself on the sidelines, but it's my opinion we see another wipe out on $ALTS and $BTC before we start trending onto new highs.

Sitting mostly in fiat going into this week, waiting for opportunities to present themselves.

— The Crypto Dog? (@TheCryptoDog) April 15, 2019

However, following a short period of consolidation, much of the crypto community has turned bearish, in anticipation of a strong correction. Some of the most prominent crypto personalities, are expecting another “wipe out” of altcoins and Bitcoin before the crypto market begins trending higher.

#bitcoin

What if? pic.twitter.com/S1zaDYDpN4

— NebraskanGooner? (@nebraskangooner) April 12, 2019

Much of the bearish speculation is over exactly where the market is in the current bear cycle. Should the current bear market play out similarly to the 2014-2015 bear market, this recent rally could be rejected, sending Bitcoin down to its finally trading range and painting on  the charts the capitulation wick that traders convincingly point to as the signal the bear market is finally over.

Featured image from Shutterstock
Tags: bitcoincandlestick formationdojievening star dojimagicpoopcannon
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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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