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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Evening Star: Reversal Pattern Could Sunset Bitcoin Price Action For Weeks

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
evening star bitcoin

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Bitcoin has now retraced as much as $11,000 and 27% from its 2021 peak, and while the current high might not be the top for this bull run, it could send price action headed downwards for a few weeks before the uptrend resumes.

Bulls have only days to prevent a bearish evening star reversal pattern from forming on weekly timeframes, which could dim the bullish momentum the cryptocurrency has had thus far this year for at least a few weeks.

Bearish Reversal Pattern Could Dim The Lights On Recent Bull Run

Bitcoin fell to under $31,000 today in one of the largest red daily candles in the asset’s history. The now $11,000 and increasing by the minute decline has resulted in shaving as much as 27% off of the price per BTC from highs set earlier this year.

Related Reading | Career Trader Subtly Hints Of Bitcoin Parabola Breakdown With Fractal Diagram

The top cryptocurrency has recovered nearly $1,000 from the day’s low, but there’s now a chance that bears have taken back control of the trend on higher timeframes.

evening star bitcoin

Bitcoin could be forming an evening star bearish reversal pattern on weekly timeframes | Source: BTCUSD on TradingView.com

If by Sunday night bulls cannot push the price of Bitcoin back above $35,000, an evening star pattern will form on weekly timeframes. Evening star patterns are a bearish Japanese candlestick reversal formations, that tend to form at the peak of an uptrend.

A similar pattern signaled the top at $42,000 on daily timeframes, and is now at risk of extending into weekly timeframes as well.

Where The Top Cryptocurrency Could Correct To: The Mid-BB

The higher the timeframe the technical signal, the stronger the results. The initial daily evening star was the turning point of the trend, and now weekly timeframes are tumbling also.

But because monthly timeframes have only recently begun to trend upward, any correction should only last a matter of weeks, not months.

Related Reading | The Striking Similarities Between The 2017 Bitcoin Peak And Now

As for where the correction could head from here if the reversal pattern confirms with a close below $35,000, looking at the last bull market suggests the middle-Bollinger Band could act as the perfect point to reignite buying interest.

bitcoin bearish reversal bollinger bands

The middle-BB could act as a logical target for each correction | Source: BTCUSD on TradingView.com

During the last bull market, Bitcoin dropped back to the middle-Bollinger Band – a simple moving average – before rocketing back up higher. It did so three times after the breakout into a new bull market was confirmed.

If the cryptocurrency follows a similar path, this is just correction one of three that could come with further upside on the way to the true high timeframe peak.

Featured image from Deposit Photos, Charts from TradingView.com
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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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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