The Bitcoin price pullback which began at the end of last week has accelerated this Monday morning despite a relatively stable weekend. The weekly candle has closed off with a bearish signal indicating further losses could be coming.
Bitcoin Price Doji Turns Bearish
Bitcoin price has been in decline for the past 24 hours following a weekend push back over $12k. The slide led to a drop of over a thousand dollars, or around 8%, in BTC price as the correction appears to be deepening. On the hourly chart Bitcoin price has dropped below both the 50 and 200 moving averages and is currently just above $11000, trading at 00.
The weekly chart, however, looks a little more ominous as a large doji, or shooting star has appeared which is often the sign of indecision between buyers and sellers leading to a possible trend reversal. Trader Josh Rager noticed this and while analyzing the charts, he added that a couple of weeks on the downside would lead to prime buying opportunities.
“$BTC Monthly close looks good. Weekly close looks ugly, you’ll likely see this shooting star type of doji all over CT. Which typically is a signal for reversal & we could see a couple of down weeks for Bitcoin. But be happy as that would mean prime buying opportunities ahead,”
$BTC Monthly close looks good
Weekly close looks ugly, you'll likely see this shooting star type of doji all over CT
Which typically is a signal for reversal & we could see a couple of down weeks for Bitcoin
But be happy as that would mean prime buying opportunities ahead pic.twitter.com/szZLVShLKD
— Josh Rager Read more