Hammer Time: The Bullish Signal That Could Save Bitcoin
22 Mayo 2022 - 9:03AM
NEWSBTC
Bitcoin price is still struggling to hold onto support at $30,000
on high timeframes after smashing through it more than a week ago
now. With buyers stepping in after the plunge, there is a chance
for bulls to stop the downside with a bullish reversal candlestick
setup. Learn more about the potential setup and find out if it’s
“hammer time”. A Bullish Hammer Could Put A Stop To The Bear Market
You wouldn’t necessarily know it by the ultra bearish sentiment or
the recent plunge and resulting panic across the crypto market. But
if you look at medium timeframe price charts, Bitcoin bulls could
be preparing out a stop to the bleeding and stage a bullish hammer
reversal. Related Reading | This Expanding Triangle Pattern Could
Be The Last Hope For Bitcoin Bulls Japanese candlesticks are said
to be developed by the so-called “God of Markets,” Honma Munehisa.
Homna was a rice trader and wrote the first ever book in market
psychology. Candlesticks are comprised of a body and shadow, often
called a wick. They are typically depicted as red and green, or
white and black (open and closed). Each candle includes information
on the open, close, low, and high of the trading session it
represents. How the candle opens, closes, and the highs and lows
set during the session will shape the candle, and often provide
information about what might be going on in the market — and what
might come next. Could this hammer put a stop to bears? | Source:
BTCUSD on TradingView.com The Technicals Supporting A Bitcoin
Reversal Setup On BTCUSD weekly and 2-week timeframe charts, the
top cryptocurrency is working on a bullish hammer. A bullish hammer
is a characterized as having a long lower wick acting as the
handle, a small upper body, and little to no upper shadow. Although
the bullish signal only takes one candlestick to suggest a bottom
is in, it is only confirmed with a strong follow through back to
the upside. There are plenty of technicals supporting a reversal |
Source: BTCUSD on TradingView.com Hammers are most effective when
they follow a string of at least three down candles, and are
supported by bullish technicals. The bullish hammer is happening at
what could be the end of a wave 4 expanding triangle correction,
according to Elliott Wave Principle. The MACD is retesting the zero
line, much as it did during the wave 1 Black Thursday correction.
Each bottom, also coincidentally touched the lower Bollinger Band
before reversing to the upside. Related Reading | Bitcoin Bear
Market Comparison Says It Is Almost Time For Bull Season Will this
bullish hammer confirm, and stop the bloodbath from continuing?
Here is a 🧵 on my full Elliott Wave analysis on #Bitcoin and why I
don’t believe there is a bear market – and why I expect the last
leg up any day now. — Tony "The Bull" Spilotro (@tonyspilotroBTC)
May 15, 2022 Follow @TonySpilotroBTC on Twitter or join the
TonyTradesBTC Telegram for exclusive daily market insights and
technical analysis education. Please note: Content
is educational and should not be considered investment
advice. Featured image from iStockPhoto, Charts from
TradingView.com
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