Bitcoin (BTC) formed an evening star doji on the weekly time frame with last week’s close. However, it wasn’t quite clear if this was in fact an evening star doji until now. An evening star doji is formed at the peak of a rally and it formally puts an end to the rally to pave the way for a bearish reversal. For this to happen, the next weekly candle has to form lower than that. As we can see on the weekly chart for BTC/USD, the price of Bitcoin (BTC) formed seven green weekly candles with no red candle in between them! It was all part of the rally that culminated last week with the evening star doji. This bearish reversal indicator has now increased the probability of a fall towards $1,800 as we have been calling for in our previous analyses.
Most of these market movements are pretty straightforward but yet a lot of traders end up losing money simple because of bad timing. If we look at this weekly chart for BTC/USD, it is not hard to see that Bitcoin (BTC) has formed an evening…
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