RATE Group | Three Black Crows: Bitcoin Monthly Chart Forms Ominous Reversal Pattern
64191
post-template-default,single,single-post,postid-64191,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Three Black Crows: Bitcoin Monthly Chart Forms Ominous Reversal Pattern

04 Oct Three Black Crows: Bitcoin Monthly Chart Forms Ominous Reversal Pattern

Posted at 18:49h in Bitcoin News by

[ad_1]

Just days ago Bitcoin closed its monthly candle for September, marking three red candles in a row for the first time in 2019. 

While this in itself may not seem significant. The three red candle closes have formed what could be a powerful Japanese candlestick pattern that signals a major trend reversal and a much deeper drop ahead. And if past occurrences of the pattern are anything to go by, the crypto market may be in for an extended crypto winter and possibly a return to the depths of the bear market.

Bitcoin Price Closes Third Consecutive Monthly Red Candle

Throughout 2019, Bitcoin has been on an upward trajectory, and at its peak brought investors who bought the bottom of its bear market as much as 350% returns. But starting at the end of June, Bitcoin’s bullish momentum began to fade, and the asset began trading within an increasingly narrowing trading range.

July closed the first monthly red candle of the year, setting Bitcoin’s first lower high. Another rally in August…

[ad_2]

Source link

Tags:
, , , , , , , ,