Hello fellow steemians,
I would like to share the following information regarding Bitcoin, and how massive this is that it broke the main big trendline and also to educate those that do not have any experience with Technical Analysis. Is Bitcoin looking bullish? Have the bulls started to steem forward?
A couple of days ago we had a massive correction upwards. The day ended with an Engulfing candlestick pattern and closed above the main big trendline that we've experienced since 17 December 2017. So might this be the turning point to the upside?
What is the engulfing candlestick pattern and how will you be able to spot one? The engulfing candlestick pattern is a two-candle reversal pattern. A reversal pattern that can be bearish or bullish, depending upon whether it appears at the end of a uptrend (bearish engulfing pattern) or a downtrend (bullish engulfing pattern). The first day is characterized by a small body, followed by a day whose body completely engulfs the previous day's body and closes in the opposite direction of the trend. So now you know a bit more.
I think we can see some "green" in the market, probably for a couple of days, and certainly with the Alts too. But remember, there are entities in the market called "whales", and my feeling is the price is still too high for institutional money to flow in. So it's very hard to know if this was the main reversal point.
We could only hope for the best, this has been a hard couple of months for us hodlers, including myself. I have seen a drop in my investments of between 26% and 35%. For those of you that don't believe in hodling, see the picture below that I received recently that gives me courage to remain one:
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DISCLAIMER: This post / analysis serves general information purposes only. I am not a financial adviser. The material in this post does not constitute any trading advice of any kind.
For full disclosure: The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions!
If you make any trades or investments after reading this post, it is entirely at your own risk. I am not responsible for any of your losses. By reading this post you acknowledge and agree that you will never hold me liable for any of your losses.
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