Price action: Bearish ENGULFING pattern

2022년 5월 6일

As I talked about earlier, Bitcoin surrendered and respected the first resistance ahead (the 600-day moving average) and created a local top. (see the link below):

This happened with a strong downward candle. In Price Action analysis, we see an ENGULFING CANDLESTICK which is an important bearish signal. The bearish flag pattern is broken by this ENGULFING CANDLESTICK pattern, which could be a reason for the strong bearish momentum. Currently, this downtrend has not been confirmed.

2022년 5월 6일

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