{"id":422484,"date":"2020-05-01T16:00:45","date_gmt":"2020-05-01T16:00:45","guid":{"rendered":"https:\/\/uniquehot.com\/?p=422484"},"modified":"2020-05-01T15:43:14","modified_gmt":"2020-05-01T15:43:14","slug":"top-technical-analyst-claims-latest-bitcoin-engulfing-candle-isnt-bullish","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/top-technical-analyst-claims-latest-bitcoin-engulfing-candle-isnt-bullish\/","title":{"rendered":"Top Technical Analyst Claims Latest Bitcoin Engulfing Candle Isn\u2019t Bullish"},"content":{"rendered":"<p>Last night&#8217;s <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> monthly April candle closed as a bullish engulfing, often considered a reversal candle by traders and analysts.<\/p>\n<p>Bulls must beware, however, as one of the most respected top technical analysts recommends not trading this setup when the primary trend is down, as more often than not it leads to another devastating crash.<\/p>\n<h2>Bitcoin April Monthly Closes As Bullish Engulfing<\/h2>\n<p>In March, a day now dubbed Black Thursday caused <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> to erase nearly all gains over the last year and a half of price action.<\/p>\n<p>The record-breaking collapse took the first-ever cryptocurrency to below $3,800.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2020\/04\/29\/bitcoin-price-sets-longest-stretch-of-positive-weekly-growth-since-may-2017\/\">Bitcoin Price Sets Longest Stretch of Positive Weekly Growth Since May 2017\u00a0<\/a><\/strong><\/em><\/p>\n<p>But this week, Bitcoin price rocketed to over $9,500 in a dramatic push from extreme lows. The rally continued through the monthly close, causing the leading crypto asset by market cap to form a <a href=\"https:\/\/uniquehot.com\/2020\/04\/30\/bitcoin-price-working-on-monthly-bullish-engulfing-what-it-means\/\">bullish engulfing candle<\/a> on the monthly timeframe.<\/p>\n<p>The highest timeframes are the most effective signals, typically, so the crypto market is rightfully feeling bullish once again, especially with Bitcoin&#8217;s halving less than two weeks away.<\/p>\n<p>Google Trends are already skyrocketing alongside the price of the crypto asset, potentially signaling the start of another bull market. But one expert focusing on chart patterns warns that the signal isn&#8217;t worth trading.<\/p>\n<h2>Not So Fast, Says Thomas Bulkowski, Chart Pattern and Technical Analysis Expert<\/h2>\n<p>Thomas Bulkowski is a world-renowned technical analysis who has released a number of books on chart patterns and has completed extensive statistical research across thousands of charts to find out the success rate of certain signals.<\/p>\n<p>He has put together metrics on how far prices move after patterns confirm, how far the price will throwback to test support, and much more.<\/p>\n<p>If anyone can speak with authority on which patterns are worth trading, it&#8217;s Bulkowksi. He&#8217;s even penned full encyclopedias on the subject.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-422495\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/Screen-Shot-2020-05-01-at-11.24.01-AM.png?resize=860%2C408\" alt=\"bitcoin price bullish engulfing\" width=\"860\" height=\"408\"><\/p>\n<p>On his website, called <a href=\"http:\/\/thepatternsite.com\/BullEngulfing.html\" target=\"_blank\" rel=\"noopener nofollow\">The Pattern Site<\/a>, Bulkowksi explains that a bullish engulfing candle acts as a reversal 63% of the time. At first glance, that sounds incredibly bullish.<\/p>\n<p>And while it is in the short term, Bulkowksi warns that when the primary trend is down, bullish engulfing candles are very short-lived, and are often followed by another drop.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2020\/04\/28\/sell-bitcoin-in-may-and-go-away-ominous-june-event-could-cause-crash\/\">Sell Bitcoin in May and Go Away? Ominous June Event Could Cause Crash<\/a><\/strong><\/em><\/p>\n<p>The same thing happened in the past in June 2018. Next, a three black crows pattern completed, and the deadly November 2018 drop occurred that took Bitcoin price to its bottom around $3,200.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-422494\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/Screen-Shot-2020-05-01-at-11.35.04-AM.png?resize=860%2C709\" alt=\"bitcoin price bullish engulfing\" width=\"860\" height=\"709\"><\/p>\n<p>Is this latest bullish engulfing candle in <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> yet another fake-out that leads to further downside and a continuation of the downtrend? Only time will tell, but for now, the bullish momentum will continue as crypto traders anticipate a reversal with the halving.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last night&#8217;s Bitcoin monthly April candle closed as a bullish engulfing, often considered a reversal candle by traders and analysts. Bulls must beware, however, as one of the most respected top technical analysts recommends not trading this setup when the primary trend is down, as more often than not it leads to another devastating crash. Bitcoin April Monthly Closes As Bullish Engulfing In March, a day now dubbed Black Thursday caused Bitcoin to erase nearly all gains over the last year and a half of price action. The record-breaking collapse took the first-ever cryptocurrency to below $3,800. Related Reading | Bitcoin Price Sets Longest Stretch of Positive Weekly Growth Since May 2017\u00a0 But this week, Bitcoin price rocketed to over $9,500 in a dramatic push from extreme lows. The rally continued through the monthly close, causing the leading crypto asset by market cap to form a bullish engulfing candle on the monthly timeframe. The highest timeframes are the most effective signals, typically, so the crypto market is rightfully feeling bullish once again, especially with Bitcoin&#8217;s halving less than two weeks away. Google Trends are already skyrocketing alongside the price of the crypto asset, potentially signaling the start of another bull market. But one expert focusing on chart patterns warns that the signal isn&#8217;t worth trading. Not So Fast, Says Thomas Bulkowski, Chart Pattern and Technical Analysis Expert Thomas Bulkowski is a world-renowned technical analysis who has released a number of books on chart patterns and has completed extensive statistical research across thousands of charts to find out the success rate of certain signals. He has put together metrics on how far prices move after patterns confirm, how far the price will throwback to test support, and much more. If anyone can speak with authority on which patterns are worth trading, it&#8217;s Bulkowksi. He&#8217;s even penned full encyclopedias on the subject. On his website, called The Pattern Site, Bulkowksi explains that a bullish engulfing candle acts as a reversal 63% of the time. At first glance, that sounds incredibly bullish. And while it is in the short term, Bulkowksi warns that when the primary trend is down, bullish engulfing candles are very short-lived, and are often followed by another drop. Related Reading | Sell Bitcoin in May and Go Away? Ominous June Event Could Cause Crash The same thing happened in the past in June 2018. Next, a three black crows pattern completed, and the deadly November 2018 drop occurred that took Bitcoin price to its bottom around $3,200. Is this latest bullish engulfing candle in Bitcoin yet another fake-out that leads to further downside and a continuation of the downtrend? Only time will tell, but for now, the bullish momentum will continue as crypto traders anticipate a reversal with the halving.<\/p>\n","protected":false},"author":517,"featured_media":422493,"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":[428,1144,77619,6664,73937],"class_list":["post-422484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-bullish-engulfing","tag-crypto","tag-thomas-bulkowski"],"acf":[],"yoast_head":"\n<title>Top Technical Analyst Claims Latest Bitcoin Engulfing Candle Isn\u2019t Bullish<\/title>\n<meta name=\"description\" content=\"Last night&#039;s Bitcoin monthly April candle closed as a bullish engulfing, often considered a reversal candle by traders and analysts. 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Bulls must beware,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/top-technical-analyst-claims-latest-bitcoin-engulfing-candle-isnt-bullish\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-01T16:00:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-01T15:43:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/bitcooin-bullish-engulfing-candle-1897534_1920.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1436\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; Severino\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/tonythebullBTC\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tony &quot;El Toro&quot; Severino\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/uniquehot.com\/news\/top-technical-analyst-claims-latest-bitcoin-engulfing-candle-isnt-bullish\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/news\/top-technical-analyst-claims-latest-bitcoin-engulfing-candle-isnt-bullish\/\"},\"author\":{\"name\":\"Tony \\\"El Toro\\\" Severino\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/5322c9a09a6f19804bb578de17556a1d\"},\"headline\":\"Top Technical Analyst Claims Latest Bitcoin Engulfing Candle Isn\u2019t Bullish\",\"datePublished\":\"2020-05-01T16:00:45+00:00\",\"dateModified\":\"2020-05-01T15:43:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/top-technical-analyst-claims-latest-bitcoin-engulfing-candle-isnt-bullish\/\"},\"wordCount\":468,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/top-technical-analyst-claims-latest-bitcoin-engulfing-candle-isnt-bullish\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/bitcooin-bullish-engulfing-candle-1897534_1920.jpg?fit=1920%2C1436\",\"keywords\":[\"bitcoin\",\"btcusd\",\"bullish engulfing\",\"crypto\",\"thomas bulkowski\"],\"articleSection\":[\"Bitcoin\",\"Cryptocurrency Market News\",\"Technical analysis\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/uniquehot.com\/news\/top-technical-analyst-claims-latest-bitcoin-engulfing-candle-isnt-bullish\/#respond\"]}],\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\/\/uniquehot.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/uniquehot.com\/news\/top-technical-analyst-claims-latest-bitcoin-engulfing-candle-isnt-bullish\/\",\"url\":\"https:\/\/uniquehot.com\/news\/top-technical-analyst-claims-latest-bitcoin-engulfing-candle-isnt-bullish\/\",\"name\":\"Top Technical Analyst Claims Latest Bitcoin Engulfing Candle Isn\u2019t Bullish\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/uniquehot.com\/news\/top-technical-analyst-claims-latest-bitcoin-engulfing-candle-isnt-bullish\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/uniquehot.com\/news\/top-technical-analyst-claims-latest-bitcoin-engulfing-candle-isnt-bullish\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/05\/bitcooin-bullish-engulfing-candle-1897534_1920.jpg?fit=1920%2C1436\",\"datePublished\":\"2020-05-01T16:00:45+00:00\",\"dateModified\":\"2020-05-01T15:43:14+00:00\",\"description\":\"Last night's Bitcoin monthly April candle closed as a bullish engulfing, often considered a reversal candle by traders and analysts. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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