Bitcoin made another positive move on the daily chart with around $200 rise in price. The price of Bitcoin [BTC] at 5: 00 hours UTC on 17th April is $5252. It is trading 3.29% higher on a daily scale.
The bears and the bulls are caught between the tussle of an impending bull cycle after more than a year-long bear movement and bottom finding in prices. However, the technical analysis still suggests weakness still persists.
‘Evening Star’ Formation on Two Time Periods
The evening star is a multiple candlesticks pattern developed over three trading periods. The formation of an evening star during bullish move signifies trend reversal towards the bears. An Evening star is being formed both on the daily and weekly scale on the BTC/USD chart.
On a daily scale, if Bitcoin closes near its opening at $5201, indecision in the market can be suggested on a daily scale as well. Hence, end ending of today and price action tomorrow will be crucial for the formation of the multiple candle-stick…
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