{"id":388186,"date":"2019-07-01T10:48:39","date_gmt":"2019-07-01T10:48:39","guid":{"rendered":"https:\/\/uniquehot.com\/?p=388186"},"modified":"2024-06-11T13:44:51","modified_gmt":"2024-06-11T13:44:51","slug":"bitcoin-price-hinting-shap-reversal","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-hinting-shap-reversal\/","title":{"rendered":"This Textbook Indicator Hints a Sharp Bitcoin Trend Reversal"},"content":{"rendered":"<p>The bullish outlook for bitcoin improved exceptionally in the second quarter of 2019 as the cryptocurrency surged by more than 165 percent. But according to a crucial technical indicator, a sharp reversal is underway.<\/p>\n<p>Prominent market analyst Josh Rager <a href=\"https:\/\/twitter.com\/Josh_Rager\/status\/60668928\" rel=\"nofollow\">spotted<\/a> Shooting Star \u2014\u00a0a candlestick pattern in which an open, low, and close, are virtually the same \u2014\u00a0on a weekly bitcoin chart. Rager called the Shooting Star pattern a &#8220;sign of a bearish reversal,&#8221; further confirmed by a long upper shadow towards the week&#8217;s peak level of $13,868.44, as shown in the chart below.<\/p>\n<figure id=\"attachment_388188\" aria-describedby=\"caption-attachment-388188\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/bitcoin-price-shooting-star.jpeg\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-388188\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/bitcoin-price-shooting-star.jpeg?resize=860%2C389\" alt=\"bitcoin, bitcoin price\" width=\"860\" height=\"389\"><\/a><figcaption id=\"caption-attachment-388188\" class=\"wp-caption-text\">Bitcoin Price Hints Sharp Reversal upon &#8216;Shooting Star&#8217; Formation | Image Credits: Josh Rager Twitter Page<\/figcaption><\/figure>\n<blockquote><p>&#8220;Weekly close looks ugly,&#8221; said Rager. &#8220;You&#8217;ll likely see this shooting star type of Doji all over CT [referring to Crypto Twitter], which typically is a signal for reversal and we could see a couple of down weeks for Bitcoin.&#8221;<\/p><\/blockquote>\n<h2>Buying Opportunity Ahead?<\/h2>\n<p>Rager&#8217;s statement followed a sharp fall in the bitcoin price on June 27, right after the cryptocurrency established its year-to-date high. On the day, the BTC\/USD rate dropped as low as 25 percent to\u00a0$10,300 from its local high, partially due to an <a href=\"https:\/\/uniquehot.com\/2019\/06\/27\/bitcoin-correction-looking-likely-as-btc-drops-25-billion-in-10-slide\/\">outage<\/a> that took place on Coinbase, one of the world&#8217;s leading cryptocurrency exchanges.<\/p>\n<p>The pair&#8217;s attempt to\u00a0compensate the massive intraday loss met with a strong selling sentiment over the weekend. It dropped about 14.31 percent to $10,650.06 \u2013\u00a0a higher low on an hourly timeframe, as shown in the chart below.<\/p>\n<figure id=\"attachment_388193\" aria-describedby=\"caption-attachment-388193\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/bitcoin-price-pennat-01072019.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-388193\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/07\/bitcoin-price-pennat-01072019.png?resize=860%2C590\" alt=\"bitcoin, bitcoin price\" width=\"860\" height=\"590\"><\/a><figcaption id=\"caption-attachment-388193\" class=\"wp-caption-text\">Bitcoin Price Trending in Pennant | Image Credits: TradingView.com, Coinbase<\/figcaption><\/figure>\n<p>It is likely for the bitcoin price to retest the resistance of the Wedge pattern. But in a longer timeframe, like the one presented by Rager, the likelihood of a sharp pullback is higher. The analyst stated on Sunday:<\/p>\n<blockquote><p>&#8220;Bitcoin is battling at major support at $10,800. It&#8217;s a real battle here, a close below this area [really] seems to signal a continuation of bearish reversal.&#8221;<\/p><\/blockquote>\n<p>The bitcoin price support of $10,800 was rejected today. However, Rager had also said on Sunday that a price drop towards the $9,000-10,000 level could attract more traders based on bitcoin&#8217;s historical behavior.<\/p>\n<blockquote><p>&#8220;Bitcoin has pulled back near 26% (similar to May &#8217;19) before it consolidated for weeks &amp; continued up It&#8217;s not often we get two 26%+ pullbacks so close together in bull market So it&#8217;s a real buying opportunity if BTC closes below $11,500 tonight &amp; we retest the $9k\/$10ks.&#8221;<\/p><\/blockquote>\n<p>https:\/\/twitter.com\/Josh_Rager\/status\/96548608<\/p>\n<h2>$20,000 Price Target<\/h2>\n<p>Oman Bham, a Youtube-based cryptocurrency analyst, <a href=\"https:\/\/twitter.com\/crypt0snews\/status\/63757312\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">predicted<\/a> further downside action for bitcoin\u00a0while setting a support target of $8,000 in the near-term. He further stated that the cryptocurrency would retrace to the upside towards $14,000 in &#8220;over the next couple of weeks to a month.&#8221;<\/p>\n<blockquote><p>&#8220;Afterward, $20,000 is the next target, with eyes toward $28,000 &amp; $30,000, before a correction,&#8221; Bham added.<\/p><\/blockquote>\n<p>The price of bitcoin at the press time was $10,872.41.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The bullish outlook for bitcoin improved exceptionally in the second quarter of 2019 as the cryptocurrency surged by more than 165 percent. But according to a crucial technical indicator, a sharp reversal is underway. Prominent market analyst Josh Rager spotted Shooting Star \u2014\u00a0a candlestick pattern in which an open, low, and close, are virtually the same \u2014\u00a0on a weekly bitcoin chart. Rager called the Shooting Star pattern a &#8220;sign of a bearish reversal,&#8221; further confirmed by a long upper shadow towards the week&#8217;s peak level of $13,868.44, as shown in the chart below. &#8220;Weekly close looks ugly,&#8221; said Rager. &#8220;You&#8217;ll likely see this shooting star type of Doji all over CT [referring to Crypto Twitter], which typically is a signal for reversal and we could see a couple of down weeks for Bitcoin.&#8221; Buying Opportunity Ahead? Rager&#8217;s statement followed a sharp fall in the bitcoin price on June 27, right after the cryptocurrency established its year-to-date high. On the day, the BTC\/USD rate dropped as low as 25 percent to\u00a0$10,300 from its local high, partially due to an outage that took place on Coinbase, one of the world&#8217;s leading cryptocurrency exchanges. The pair&#8217;s attempt to\u00a0compensate the massive intraday loss met with a strong selling sentiment over the weekend. It dropped about 14.31 percent to $10,650.06 \u2013\u00a0a higher low on an hourly timeframe, as shown in the chart below. It is likely for the bitcoin price to retest the resistance of the Wedge pattern. But in a longer timeframe, like the one presented by Rager, the likelihood of a sharp pullback is higher. The analyst stated on Sunday: &#8220;Bitcoin is battling at major support at $10,800. It&#8217;s a real battle here, a close below this area [really] seems to signal a continuation of bearish reversal.&#8221; The bitcoin price support of $10,800 was rejected today. However, Rager had also said on Sunday that a price drop towards the $9,000-10,000 level could attract more traders based on bitcoin&#8217;s historical behavior. &#8220;Bitcoin has pulled back near 26% (similar to May &#8217;19) before it consolidated for weeks &amp; continued up It&#8217;s not often we get two 26%+ pullbacks so close together in bull market So it&#8217;s a real buying opportunity if BTC closes below $11,500 tonight &amp; we retest the $9k\/$10ks.&#8221; https:\/\/twitter.com\/Josh_Rager\/status\/96548608 $20,000 Price Target Oman Bham, a Youtube-based cryptocurrency analyst, predicted further downside action for bitcoin\u00a0while setting a support target of $8,000 in the near-term. He further stated that the cryptocurrency would retrace to the upside towards $14,000 in &#8220;over the next couple of weeks to a month.&#8221; &#8220;Afterward, $20,000 is the next target, with eyes toward $28,000 &amp; $30,000, before a correction,&#8221; Bham added. The price of bitcoin at the press time was $10,872.41.<\/p>\n","protected":false},"author":496,"featured_media":388206,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428],"class_list":["post-388186","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin"],"acf":[],"yoast_head":"\n<title>This Textbook Indicator Hints a Sharp Bitcoin Trend Reversal<\/title>\n<meta name=\"description\" content=\"The bullish outlook for bitcoin improved exceptionally in the second quarter of 2019 as the cryptocurrency surged by more than 165 percent. 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