[LONG] The Power of the Bullish Engulfing Candle on the Daily
As you can see, daily candles are a solid indicator of price movements and market sentiment. In each of these instances, bears were able to push the price down to form either a double bottom or golden-zone retrace on the fibs. From here, buyers stepped into the market and made a statement of intent with massive buying pressure – as indicated in these daily bullish engulfing candles.
These candles can be used to signify a change in the trend direction and signal to other traders that there is strength in the market.
The most recent daily bullish engulfing candle on 26th March painted a bullish marubozu, meaning price closed on that candle at the highest point of the day. This is an even stronger signal to traders that bulls have reclaimed control of the trend in the short-mid term.
This, coupled with the daily hidden bullish divergence on BTC/USD, has me thinking we will see a 70K Bitcoin in the not-so-distant future.
DYOR – not financial advice.
These candles can be used to signify a change in the trend direction and signal to other traders that there is strength in the market.
The most recent daily bullish engulfing candle on 26th March painted a bullish marubozu, meaning price closed on that candle at the highest point of the day. This is an even stronger signal to traders that bulls have reclaimed control of the trend in the short-mid term.
This, coupled with the daily hidden bullish divergence on BTC/USD, has me thinking we will see a 70K Bitcoin in the not-so-distant future.
DYOR – not financial advice.
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