Bitcoin Trading Blog - Possible Bearish Engulfing Pattern Spotted!
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!
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.
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!
Hoping to go up for some more ;)
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