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Morning Star

BTCUSD TREND REVERSAL - WEEKLY MORNING STAR IN THE PRINTSDear all, the last time we printed a weekly morning star, BTC was in the 4K range last year after a selloff from 5K to 3K: When this was printed on the daily, we also saw a huge momentum swing to the upside after the selloff: Since then, we have never seen 4K again - price went up by about 350% to 20K before BTC sold off to 6K. A morning star is a bullish signal signalling the end of a downtrend: www.investopedia.com We are in the midst of printing another one - and how this plays out is highly dependent on how we close off this weekly candle. We have about 3 days to go. In conjunction with this, we have rebounded strongly with volume from the 76.4% fib level from the swing of 2K to 20K. Stochastic RSI is also crossing up. Each time it did, we have had strong rallies. I have no potential price targets for this setup, as what is currently seen is a gradual sentiment change of price discovery. Once these signals confirm and close for the week, we can anticipate another huge run up aiming for new highs. The trend is your friend. Cheers.
BITFINEX:BTCUSDLong
by Jeuvici
Tron’s Morning StarFor those who don’t know what a Mornign/Evening Star is, enlighten yourselves... because it’s one of the most important reversal patterns that signals up-coming serious market swings. Here’s a tid bit to get your whistle wet: www.investopedia.com The Bears are done here I believe. With the Close of the Long Bearish Candle at a 624, followed by the Doji Candle’s Open — just under the LBC at 623 — with it’s close being at 622 (very important that it closed below the LBC’s Close), and now the Long Bullish Candle’s (soon to come to fruition) Open being EVEN with the Doji Candle’s Close, will signify the beginning of the Running of the Bulls! Trade well my friends.
Long
by KryptoTradr
6
BTC with a Strong Weekly Close, Possible Continuation to 33kBTC/USD weekly candle closes green, forming a morning star candlestick pattern. Looking at the past, a weekly bullish engulfing candle followed by a morning star lead to massive rise in price (see green arrows and yellow circles). We may see a similar pattern from here on out. Also, the volume profile of both morning stars gives further evidence to the similarity of the patterns (see orange arrows). Particularly, the 1st red candle of the pattern exhibits higher volume than average. If history would repeat itself, possible targets would be 33k which is the 200% (2.0) fib of the current bull run; this is similar to the previous bull run to 8k (see both fib retracements). A weekly close below 13800-14000 would obviously invalidate the pattern. With that said, I think it would take at least a couple of strong bearish weekly candles to invalidate this setup. Note: Chart is on log scale.
BITSTAMP:BTCUSDLong
by reimadara
BTCUSD - Potential Weekly Morning Star FormationOnce again, short & simple morning star, this time forming on WEEKLY. Previously as linked, a morning star formed on the daily and price has since risen more than $400: If formed with price holding while closing the week in green on more than half of the body of the first red candle, I expect prices to continue trending upwards in weeks to come (albeit with some retracements here and there). With regards to any upcoming FUD and the Korean Initial Coin Offering news today, I strongly stand by the fact that the market has since gotten more and more resistant towards these news. It is like the boy who cried wolf - and it seems that demand for BTC at reasonable prices is strong, pushing prices up quickly once critical levels are reached. As long as there is demand, prices will trend up over the longer term, passing hands from the doubtful to the believers.
BITSTAMP:BTCUSDLong
by Jeuvici
4
Stratis very interesting price action and levels to observeWe can see double top which stopped bullish movement with candle with long wick. I marked 2 GAP's which are respected by market in some way. The bottom one is clearly respected by market and gave nice push for the pair to move higher. I decide to put many arrows on the chart:) I would suspected that the pair will try to rebound from these 3 levels. In my opinion the most probable is that the pair will move higher after it will find support around bottom GAP. It is also quite possible that the pair will create double bottom. I will be looking for the 0.0045 or something close to that as TP.
S
by Krystiannwk
5