Bitcoin
Short

Bitcoin setting up shooting star candle on the weekly

Updated
Ciao Traders,

I would keep an eye on the weekly chart of BTC, it looks like a shooting star candle is forming on the weekly.
What is a shooting star candle?
The shooting star candlestick is a chart formation consisting of a candlestick with a small real body, and a large upper shadow. This pattern represents a potential reversal in an uptrend especially when followed by red candle. It is also one of the four reversal candle types in candle theory: morning, evening, doji, and shooting.
So this is not a short signal as yet but it may become in the near future, lets wait for the week close and next week candle, a pull back to moving average support can be on the way.
Trade active
I'm expecting a small bounce from 7k
Note
Below trade as update on smaller timeframe:
Bitcoin is in a tightening range (triangle formation)
Trade closed manually
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