#Bitcoin and the Weekly Shooting Star
Hi everyone,
Thank you for considering reading my idea. Please note that this is just my opinion, and I'm not saying that this is going to happen.
Note that I'm mid-term bearish on Bitcoin but long-term bullish. See related ideas below. My down candle is color green while the up candle is color red.
Who wants to see a shooting star? Well, just last week, we printed a shooting star. Let's go back to the basics! A Shooting Star is a bearish candle stick pattern; a sign of reversal. There should be a price action going up, the shooting star, before we go down.
I'm not sure if we can call the October 18, 2021 candle a shooting star but let's say it is. It still went up for 3 weeks but dumped down.
Were there any other instances that we had a shooting star candlestick?
On May 31, 2021, the shooting star candlestick is invalid because we were going down before we printed the candlestick.
On March 23, 2020, the shooting star candlestick is also invalid because we were going down before the candle. This is when COVID happened.
On June 24, 2019, the pattern is valid since we were going up before the candle, weeks after, we went down.
I don't want to sound like Dora here, but can you spot more shooting stars on the weekly timeframe before June of 2019?
What about now? Are we going to see liquidity grab first in the next few weeks before we really dump? Or are we just gonna dump all the way? How low is the dump? A shooting star unfortunately does not tell us how low but we can apply other indicators to that.
Thank you for reading my idea. Like this idea and follow me for more analysis like this. NFA . TAYOR. DYOR.
Cheers,
Juvs
Thank you for considering reading my idea. Please note that this is just my opinion, and I'm not saying that this is going to happen.
Note that I'm mid-term bearish on Bitcoin but long-term bullish. See related ideas below. My down candle is color green while the up candle is color red.
Who wants to see a shooting star? Well, just last week, we printed a shooting star. Let's go back to the basics! A Shooting Star is a bearish candle stick pattern; a sign of reversal. There should be a price action going up, the shooting star, before we go down.
I'm not sure if we can call the October 18, 2021 candle a shooting star but let's say it is. It still went up for 3 weeks but dumped down.
Were there any other instances that we had a shooting star candlestick?
On May 31, 2021, the shooting star candlestick is invalid because we were going down before we printed the candlestick.
On March 23, 2020, the shooting star candlestick is also invalid because we were going down before the candle. This is when COVID happened.
On June 24, 2019, the pattern is valid since we were going up before the candle, weeks after, we went down.
I don't want to sound like Dora here, but can you spot more shooting stars on the weekly timeframe before June of 2019?
What about now? Are we going to see liquidity grab first in the next few weeks before we really dump? Or are we just gonna dump all the way? How low is the dump? A shooting star unfortunately does not tell us how low but we can apply other indicators to that.
Thank you for reading my idea. Like this idea and follow me for more analysis like this. NFA . TAYOR. DYOR.
Cheers,
Juvs
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