An engulfing patten has shown and a decreasing green candle formation. It is turning downwards.
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Absolutely no. Bitcoin does not obey candle patterns. It wants to go up and it DOES. Ok, good to know, so next time I will not consider candle patterns.
At this moment, price it is stumbling and forming a new bearish single full engulfing candle. Also Williams %R indicator is plunging too. We'll wait and see if it takes a break or not :-)
chrish74
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Technically speaking an engulfing should be one candle not two, there’s no timeframe with an engulfing candle here. Also with that kind of reversal look for a high volume spike relative to recent volume (something like double the volume) to confirm potential reversal. And the. Wait for a dip and a lower high before entering just to be safe. I dont think it’s really ready for a short yet but good luck, personally I would be looking for better signs of a reversal before entering short, looks moe like a triangle to break up to me.
Andrew-Cat-Es
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@chrish74, I have to agree with you. Despite an engulfing candle pattern can be also two, if it is better one single candle.
MACD and AO also indicated short, may be this indicators and not most proper for Bitcoin. On the contrary, others like Ichimoku, Supertrend were right about the direction it has taken.
Also, I must say, I wasn't saying for a big fall, only a recess, because Bitcoin it is clearly bull.
Thank you for your point of view.
pacman7331
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Still that upward triangle formation though. Bears haven’t been able to stop a single upward triangle in 5 months.
Andrew-Cat-Es
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@pacman7331, I also agree with you. It was an idea to look for a slight fall and invest again from a lower price. It seems to me it will have to go down to "breathe", so to speak ;-)
Thank you for your point of view.