BTC Bitcoin: Shooting Star Candlestick
Updated
Hello friends, today you can review the technical analysis on the Yearly chart for Bitcoin ( BTCUSD ).
Many people all around us are predicting that the crypto market will rebound and though I want to be optimistic, I have to be realistic because too many people bought crypto at high prices unlike some of these people on YouTube that bought under $500 so for them it's a different story. Simply said, be realistic about bitcoin and the markets.
1) The Bitcoin price year over year has been growing significantly with 2021 sending the price to an all time high.
2) This created a long candle wick on the yearly chart in 2021.
3) Though the price is currently hovering around 50K, it may not be as concerning, however seeing the weakness and volatility in the market (crypto, stock, commodities, and others), there is a chance that Bitcoin may close the year around 40K.
4) If the price closes around 40K, the yearly candle will form a Shooting Star Candlestick.
5) Since this is a bearish candlestick and generally indicates a trend reversal, it is very possible to see a major drop in Bitcoin price for 2022.
6) This is just an idea and there are many other factors that are involved but from historical patterns of seeing Shooting Star Candlesticks, it usually doesn't go well.
7) It's not the time to get completely negative on the markets, but it is a time to start thinking about what to do next. Be cautious.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
Many people all around us are predicting that the crypto market will rebound and though I want to be optimistic, I have to be realistic because too many people bought crypto at high prices unlike some of these people on YouTube that bought under $500 so for them it's a different story. Simply said, be realistic about bitcoin and the markets.
1) The Bitcoin price year over year has been growing significantly with 2021 sending the price to an all time high.
2) This created a long candle wick on the yearly chart in 2021.
3) Though the price is currently hovering around 50K, it may not be as concerning, however seeing the weakness and volatility in the market (crypto, stock, commodities, and others), there is a chance that Bitcoin may close the year around 40K.
4) If the price closes around 40K, the yearly candle will form a Shooting Star Candlestick.
5) Since this is a bearish candlestick and generally indicates a trend reversal, it is very possible to see a major drop in Bitcoin price for 2022.
6) This is just an idea and there are many other factors that are involved but from historical patterns of seeing Shooting Star Candlesticks, it usually doesn't go well.
7) It's not the time to get completely negative on the markets, but it is a time to start thinking about what to do next. Be cautious.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
Note
Shockingly this chart may still be on point. Too early to tell but surely feels like it.Note
Still shockingly this chart may still be on point. Next year, don't say I didn't warn you in 2021 (two years prior)!Note
Wow, it's still on point!Note
BTC - Wow, it's still on point! I am sure I was one of the few that called this!Note
I was sooo right!
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