Bitcoin was Sandwiched & Black Crows took the Sandwich🥪
Hi, everyone👋(Reading time less than 3 minutes⏰).
Today I want to use one of the simplest and, of course, the most widely used technical analysis tools to analyze Bitcoin, the name of this analysis tool is "Candlestick Patterns".😉
In general, candlestick patterns are used to enter and exit the trade and to understand the price trend in the chart. And the more these patterns are formed in higher time frames, the more valid they are.
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➕Bitcoin was moving in an ascending channel for about 24 days but was broken down by a 🥪Bearish Stick Sandwich Candlestick Pattern🥪 on the daily time frame of this ascending channel.
➕Also, the last 3 daily candles together formed the ⚫️Three Crows Candlestick Pattern⚫️, which shows us a reversal pattern as well as a continuation of the downward trend (The black crow has been a sign of sadness and bad events since ancient times).
➕In addition, if we look at the RSI indicator, we can see that the 🗻Double Top pattern🗻 has worked well and has broken the 50% line downwards. We can expect the RSI to fall to the 30% line at least.👇
🔔Another reason that shows that Bitcoin is likely to break the 🟢support zone($ 26,890-$ 26,430)🟢 is the duration of Bitcoin's rise and fall. If you look carefully at the chart, the number of days that Bitcoin needed to grow was 18 days, but Bitcoin lost its growth in about 7 days and fell. This shows that the strength of the sellers in the market is more than the buyers and most likely the 🟢support zone($ 26,890-$ 26,430)🟢 will be broken and Bitcoin will go to the 🟢heavy support zone($ 25,300-$ 23,890)🟢(❗️a very sensitive and decisive zone for Bitcoin❗️).
Bitcoin Analyze ( OKX:BTCUSDT ), Daily time frame ⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy, this is just my Idea, and I will be glad to see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Today I want to use one of the simplest and, of course, the most widely used technical analysis tools to analyze Bitcoin, the name of this analysis tool is "Candlestick Patterns".😉
In general, candlestick patterns are used to enter and exit the trade and to understand the price trend in the chart. And the more these patterns are formed in higher time frames, the more valid they are.
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
➕Bitcoin was moving in an ascending channel for about 24 days but was broken down by a 🥪Bearish Stick Sandwich Candlestick Pattern🥪 on the daily time frame of this ascending channel.
➕Also, the last 3 daily candles together formed the ⚫️Three Crows Candlestick Pattern⚫️, which shows us a reversal pattern as well as a continuation of the downward trend (The black crow has been a sign of sadness and bad events since ancient times).
➕In addition, if we look at the RSI indicator, we can see that the 🗻Double Top pattern🗻 has worked well and has broken the 50% line downwards. We can expect the RSI to fall to the 30% line at least.👇
🔔Another reason that shows that Bitcoin is likely to break the 🟢support zone($ 26,890-$ 26,430)🟢 is the duration of Bitcoin's rise and fall. If you look carefully at the chart, the number of days that Bitcoin needed to grow was 18 days, but Bitcoin lost its growth in about 7 days and fell. This shows that the strength of the sellers in the market is more than the buyers and most likely the 🟢support zone($ 26,890-$ 26,430)🟢 will be broken and Bitcoin will go to the 🟢heavy support zone($ 25,300-$ 23,890)🟢(❗️a very sensitive and decisive zone for Bitcoin❗️).
Bitcoin Analyze ( OKX:BTCUSDT ), Daily time frame ⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy, this is just my Idea, and I will be glad to see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
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