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Engulfing Candle

Does The Long Term Bullish Momentum Has Ended?Last week’s candle on USD/CAD has ended with an engulfing candlestick pattern. This weekly candlestick is red from the beginning to the end. After the price compressed vertically and took all the buyer’s orders on the way up. It dropped back to the origin of the compression. This drop created last week’s candlestick which engulfed the previous 12 candlesticks. However, the price still does not break the uptrend support line on the weekly chart. Still, we are unable to say that the momentum has changed. If the price does break the uptrend support line, then we can say that the long term momentum has changed from bullish to bearish. In this case, I’ll wait for the price to retrace the supply above and sell there. If the price does not break the uptrend support line, then the supply above will be too risky for sell position since the momentum remains bullish.
by the5erstrading
forexTrdr BTCUSD - THE BITCOIN BEARISH ENGULFING Morning traders For those of you trading crypto its worth noting that Bitcoin versus US dollar has formed a bearish engulfing on the daily and is forming consecutive lower highs on lower volumes pointing to a break lower. Its no surprise to see that it is in over bought levels on both RSI and stochastic but coupled with collapsing volumes at these resistance levels and now the formation of a bearish engulfing candle pattern on the daily its setting the market back up to retest 6500/6600 support area. As always we try to keep our analysis clean and easy for anyone to be able to follow but should you want to learn more then please do get in touch. Follow us on tradingview under forexTrdr to get our sample ideas free and immediately - its free to setup a profile and the charting tools and software is easier to use than Metatrader and most broker platforms. Good luck trading from the Team at forexTrdr find us on instagram, twitter and Alexa flash briefings
BITSTAMP:BTCUSDShort
by forexTrdr
Bitcoin: Facing A Retrace?The shorts have been squeezed relentlessly since the 6K resistance, and with 9K within reach, it appears price is poised to correct. How low can it go? This article will attempt to answer that question in a proportional sense. The mistake not to make at such a level is to go into "hope" mode, especially after buying into this move based on a smaller time frame signal. First, it is important to address an important variable overlooked by most (especially the internet analysts). Short interest. Andrew pointed out an important change compared to the behavior we were observing over the previous couple of weeks. It is decreasing while price is not pushing its high. This change in order flow, along with the appearance of a bearish engulfing candle may signal the beginning of a minor corrective structure. Do NOT misunderstand. I was not bearish when Bitcoin was pushing lows 6 months ago and I am not about to become bearish now. This is about recognizing and adjusting to new information as the market delivers it. Many have asked if this is a signal to get short, and our answer is still the same: we do NOT short these markets. What we are interested in is where the next correction can possibly complete in order to provide a new swing trade opportunity for a long. On this chart, which I often share in our chat rooms, there are new levels that are "in play". This means they are proportional to the price history that has taken place since the low in December. IF a corrective structure unfolds, these levels offer a REASONABLE reference point to anticipate new buying opportunities for swing trades specifically. The low 7Ks intersect the current bullish trend line, while the low 6Ks happen to align with the .382 retrace that is proportional to the entire bullish structure since the December low. It is important to REALIZE that this is NOT a prediction, only a point of reference. Mindset is everything when it comes to timing markets effectively. We maintain an open and flexible mindset which means we accept that ANYTHING can happen. Bitcoin may not retrace to 7K and form a shallow consolidation that can squeeze to higher prices. This is the opposite of being "predictive" or "opinionated" or absolute in any way. Since the environment is now strongly bullish, it even makes sense to lean toward the aggressive side with setups that are much more risky. We just took such a trade off of a setup on a 12 hour chart, but exited quickly for a smaller loss. In summary, Bitcoin is poised to go higher in the long term but that does not mean it won't correct slightly over the short term. It is important to put these potential corrections into perspective and for us that means in line with recent price structure, NOT based on chart structure from 18 months ago. The objective is to WAIT for setups that offer attractive reward/risk, it is not about "ACTION" or any other impulsive reason. Being passive and flexible is what allows for adjustments better aligned with the order flow or market intent. For this same reason, we are taking partial profits and reducing risk in many of alt coins in our portfolio. Buy wholesale and sell retail, it may be imperfect and imprecise, but it yields results. We prefer to be green over being right.
COINBASE:BTCUSD
by MarcPMarkets
15
Bitcoin : Bearish Engulfing Candle- A Correction Coming In.Bitcoin is in a correctional momentum for now and created a bearish engulfing candle stick. A close below the red line will confirm a correction towards the next support first at around 7038 USD and after that 6500 USD. Remember to drop your LIKES and press the FOLLOW button if you are interested by our forecast and be free to DISLIKE the post or right your COMMENT if you not convinced by the forecast. Thank you for your time to read our posts anyways. With Regards. Good Luck. Legal disclaimer: Information on this channel is our team's analyst's "opinion" based on data available at this point in time. These opinions are not recommendations to buy or sell securities/commodities and cryptocurrencies. Trading and investing is a risk and you should not rely on this data to make any financial decisions. You must consult a financial advisory licensed by regulatory agencies in your legal jurisdiction. All information stated here and in our reports don't guarantee any possible profits or losses. Please do consider to do your own due diligence and research when making any kind of a transaction with financial implications. With Regards. TeamTWA. You can give us your feed backs and suggestions on our effort in addition to this your questions here in trading view or in our telegram channel by the same name togetherweaccumulate. With Regards. Team TWA.
BITFINEX:BTCUSDShort
by cryptotalk_et
Bearish engulfing candleBTC has a choppy market, it makes me a little bit skeptic when i am looking at candle stick patterns. but on the other hand it can be used in higher time frames, i think at least! so in the weekly time frame it seems we have a bearish engulfing candle it does not fully engulf the previous bullish candle but it covers it pretty good. with that in mind; considering upward wicks and also unstopped recent months of bullishness we can say that it is a bearish engulfing candle. also we have broken the daily upward support on RSI and it really worked well on my previous analysis. on the other hand we have a bearish divergence on the daily time frame on rsi and also on 4 hourly rsi. if you are in a spot market i think that is wise to sell btc to usd and if you are on leverage account i think you should wait to things look very bearish and then short on a nice price based on situation.
BITSTAMP:BTCUSDShort
by farzinsabbagh
2
Double top and bearish engulfing pattern and price in overboughtA good shorting opportunity bearish engulfing pattern formed after wipro announced it's result i have also checked the delivery percentage which was less. if price is decreasing and delivery percentage is less then it indicates very less interest of people to accumulate also price is in overbought region as per RSI indicator. and lastly it looks like a double top has been formed after a uptrend in price which could mean that trend is about to reverse
NSE:WIPROShort
by aakashsawant53