TonyTheBullSeverino

Bitcoin BTCUSD Weekly Bearish Engulfing & BTC CME Candlestick Comparison

On the left, we have BTC CME Futures, and on the right we have BTCUSD Coinbase.

We are going to start with Coinbase on the right. This is a Bearish Engulfing

These can be a bearish reversal pattern and tends to work fairly well. They lead to reversals roughly 65% of the time

Based on my observations in Bitcoin over time, these aren't usually tops. They're short-term reversals. that eventually a higher high is made from. More often than not they're like warning sign that a reversal is coming, less so there is one

It is still a very bearish signal and we might have seen the top. I tend to think one more push up to really confuse things because a lot of people still see this as having topped

Bitcoin CME on the left shows a the wick on the current weekly hammer touching the topside of the weekly candle from several weeks before

This is right where the Bollinger Band basis is. Below there this should head to new lows next. H