This Textbook Indicator Hints A Sharp Bitcoin Trend Reversal

THELOGICALINDIAN - The bullish angle for bitcoin bigger awfully in the additional division of 2024 as the cryptocurrency surged by added than 165 percent But according to a acute abstruse indicator a aciculate changeabout is underway

Prominent bazaar analyst Josh Rager spotted Shooting Star — a candlestick arrangement in which an open, low, and close, are around the aforementioned — on a account bitcoin chart. Rager alleged the Shooting Star arrangement a “sign of a bearish reversal,” added accepted by a continued high adumbration appear the week’s aiguille akin of $13,868.44, as apparent in the blueprint below.

“Weekly abutting looks ugly,” said Rager. “You’ll acceptable see this cutting brilliant blazon of Doji all over CT [referring to Crypto Twitter], which about is a arresting for changeabout and we could see a brace of bottomward weeks for Bitcoin.”

Buying Opportunity Ahead?

Rager’s account followed a aciculate abatement in the bitcoin amount on June 27, appropriate afterwards the cryptocurrency accustomed its year-to-date high. On the day, the BTC/USD amount alone as low as 25 percent to $10,300 from its bounded high, partially due to an outage that took abode on Coinbase, one of the world’s arch cryptocurrency exchanges.

The pair’s attack to compensate the massive intraday accident met with a able affairs affect over the weekend. It alone about 14.31 percent to $10,650.06 – a college low on an alternate timeframe, as apparent in the blueprint below.

It is acceptable for the bitcoin amount to retest the attrition of the Wedge pattern. But in a best timeframe, like the one presented by Rager, the likelihood of a aciculate pullback is higher. The analyst declared on Sunday:

“Bitcoin is aggressive at above abutment at $10,800. It’s a absolute action here, a abutting beneath this breadth [really] seems to arresting a assiduity of bearish reversal.”

The bitcoin amount abutment of $10,800 was alone today. However, Rager had additionally said on Sunday that a amount bead appear the $9,000-10,000 akin could allure added traders based on bitcoin’s actual behavior.

“Bitcoin has pulled aback abreast 26% (similar to May ’19) afore it circumscribed for weeks & connected up It’s not generally we get two 26% pullbacks so abutting calm in balderdash bazaar So it’s a absolute affairs befalling if BTC closes beneath $11,500 tonight & we retest the $9k/$10ks.”

$BTC: Bitcoin has pulled aback abreast 26% (similar to May '19) afore it circumscribed for weeks & connected up
It's not generally we get two 26% pullbacks so abutting calm in balderdash market
So it's a absolute affairs befalling if BTC closes beneath $11,500 tonight & we retest the $9k/$10ks pic.twitter.com/hMYg2CMHde
— Josh Rager ? (@Josh_Rager) June 30, 2019

$20,000 Price Target

Oman Bham, a Youtube-based cryptocurrency analyst, predicted added downside activity for bitcoin while ambience a abutment ambition of $8,000 in the near-term. He added declared that the cryptocurrency would amend to the upside appear $14,000 in “over the abutting brace of weeks to a month.”