RATE Group | Bitcoin Price Forming Doji to Signal Potential Trend Reversal
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Bitcoin Price Forming Doji to Signal Potential Trend Reversal

19 Dec Bitcoin Price Forming Doji to Signal Potential Trend Reversal

Posted at 01:20h in Bitcoin News by

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Bitcoin price on Tuesday reached a session high on Coinbase at $3,586 but remained in the fears of a potential reversal action overall.

Bitcoin/Dollar 1D CHARTS | SOURCE: COINBASE, TRADINGVIEW.COM

Ahead of the US session so far, bitcoin’s opening and closing positions today have remained very close to one another, as indicated by the small candlestick. Called a Doji candlestick formation, this signals a potential trend reversal. We saw a similar creation recently on December 15 during the downtrend action. The price corrected exceptionally well to the upside after that, recovering as much as 14% of the previous losses.

And now, we are looking at the Doji again. It could mean that bitcoin will either undergo a sideways consolidation or potentially end up finishing the rally altogether.

The Doji tells us that bulls aren’t out of their shells yet.

Bitcoin/Dollar Technical Indicators

Bitcoin/Dollar 4H CHART | SOURCE: COINBASE, TRADINGVIEW.COM

The Bitcoin/Dollar rate appears to…

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