Bitcoin Trading Blog - Possible Bearish Engulfing Pattern Spotted!

in bitcoin •  4 months ago

It was another great week for Bitcoin, one of the best yet! While taking a closer look at the chart I spotted what may look like a potential bearish engulfing pattern!

bearish-engulfing-08-25-17-btc.png
Notice the total size of the red candle above including wick is a little larger!

A bearish engulfing is a candle pattern where the smaller green candle with smaller wick is eclipsed by a larger red candle with larger wicks!

It looks like this pattern is close enough to drop some anchors and analyze the market with a quick fibonacci retracement tool.
My goal is to familiarize myself with the higher probability buy price levels so that I will be ready if another correction hits! These areas consist of specific prices which we can build a profitable trading strategy around.
bitcoin-bearish-engulfing.png

The specific price ranges I am looking at are between the two green lines on the chart above.

The high probability buy zone is to buy in the range between $4031-$3929! To manage risk you would try to buy at the lowest area in this range, and cut losses on this trade any lower than $3929! Wait for confirmation of a bounce from somewhere in this zone before buying!


If you like this blog please up vote and follow me @coininstant for more!


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Hoping to go up for some more ;)

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I am too, always looking for deals on the way though!

yes bitcoin is awesome because it always top

Very Interesting post about Bitcoin trading. Nice to learn about new idea of bitcoin trading from your blog.. thanks for sharing!

meaby going a little down but then for sure back up!

No matter when you buy, the btc will be the most important, and the sky will be the limit. $5500 before then end of 2017

Hey Nicholas! A great analysis. I am still educating myself to read better the charts and put in place a strong trading plan, but I am far behind you experience and therefore your articles are always helpful.

@coininstant Good !

bitcoin information thanks, great post, ! keep it up! and thanks again for following!

waiting for a dip once again to grab something ;)

Tnx for sharing your insight

nice article @coininstant
ilike it

upped and follow you

Good share...

oh man you noticed that little thing too very precisely amazing !!

Wish That You Start Your Day
And I Hope You Spend Each Moment Of This Day
With A Lot Of Happiness!

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Oughhh...good post @ coininstant

sir, i have never done trading blog, i want to learn blog trading,
Is bog trading the same as forex trading system?

As I know Engulfing Pattern we usually use to sell in forex trader sir @ coininstant, where the location of the market will reverse price.

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Yeah it is tricky, sometimes the prediction does not come true, in this case means bitcoin went way up! I love it!

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yes ... the market does not fully follow our analysis, in any market movement occurs, especially in the event of big news.

You have good knowledge about trading @ coininstant it is very good

Thank you to have shared useful information @coininstant, especially for us novices. Still a lot I don't understand associated with Bitcoin, maybe other comrades who are beginners is also the same with me.

Greetings

@safwaninisam

Bitcoin articel, thanks for sharing @coininstant

As always, great in-depth analytics from your good self @coininstant. I can't buy any Bitcoin for a while, but I'll tune back in to see what your thoughts are at the time I can buy. Thanks for sharing, Upvoted. :-)

Bitcoin is the very high speed in information