BitcoinUpdated BTCUSD - Trend reversal signal?
BTCUSD is forming an Inverted Hammer candlestick signal on the 1W chart. This could possibly the start of a bullish rally since the rally last year. However we still need to wait for confirmation. ETF deadline (5.November) is also coming close which could drastically affect the price.
Criteria for the Inverted Hammer:
Signal enhancements that have been met:
Criteria for the Inverted Hammer:
- Upper shadow/wick is twice the size of the main body.
- No/Little lower shadow/wick
- Preceding downtrend
Signal enhancements that have been met:
- Longer the upper wick/shadow = stronger the potential of a trend reversal
- Large volume
Trade closed: stop reached
On hindsight, it's just a regular descending triangle.
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