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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Correction Inevitable? Bitcoin Paints a ‘Shooting Star’ Pattern on Key Timeframes

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
bitcoin shooting star doji

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The new weekly and monthly Bitcoin price candle kicked off with a powerful move to the upside, but yesterday was rejected with force.

Although it is extremely early in each trading session, the recent price action has left behind a Shooting Star doji on weekly and monthly timeframes, which could signal that a larger correction is inevitable.

Early Session Bullish Advance Rejected Back Down By Bears

Over the last three months, Bitcoin has climbed from lows set on Black Thursday at $3,800 to as high as $10,400. Despite over an over 150% climb, the leading cryptocurrency by market cap continues to struggle with resistance above $10,500.

After Sunday night’s important weekly and monthly close – which arguably closed bullish – Bitcoin price surged to over $10,000 in an over $600 move that took less than one hour to play out.

Related Reading | Bitcoin Price Flash Crashes $600 In Less Than 5 Minutes, Last Night’s Rally Erased 

However, the first-ever cryptocurrency failed to hold above $10,000 yet again, and price fell back to $9,300 in a five-minute-long flash crash.

The daily price candle closed just shy of a bearish engulfing candle, giving bulls hope that the rally isn’t completely over.

bitcoin shooting star doji

Bitcoin Shooting Star Doji On Weekly and Monthly May Signal Inevitable Correction

However, a correction may still be imminent, as the weekly and monthly candles have since formed a Shooting Star doji.

The monthly trading session has only just begun, so it is unlikely that after nearly 30 full days of price action that Bitcoin will still be trading at $9,500.

The same type of doji is visible on weekly timeframes as well, and with just four days remaining in this week’s trading session, a close at this level becomes a lot more probable.

According to Investopedia, a close with a Shooting Star doji after an advance is often a sign that the rally is about to turn around.

This type of Japanese candlestick formation is a bearish signal, as it shows that although a strong push from bulls caused prices to spike, sellers took control and pushed the asset’s price back down to where the session opened.

Traders are advised to wait to see what happens during the following trading session before taking a position.

Occasionally, Shooting Star doji can give a false signal and instead is a sign that the asset simply met strong resistance before the advance continued.

bitcoin shooting star doji

Prior to the current Shooting Star doji, two additional matching weekly candlesticks triggered on the way up toward $10,000. With the two first Shooting Star doji acting as false signals, will this third time be the charm?

It’s possible, especially considering that the highly accurate TD Sequential indicator also triggered a “9” sell setup on the same weekly candle that is currently forming a Shooting Star doji.

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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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