{"id":468898,"date":"2021-08-09T20:00:51","date_gmt":"2021-08-09T20:00:51","guid":{"rendered":"https:\/\/wncen.com\/?p=468898"},"modified":"2024-06-11T10:11:46","modified_gmt":"2024-06-11T10:11:46","slug":"three-white-soldiers-bitcoin-btcusd","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/three-white-soldiers-bitcoin-btcusd\/","title":{"rendered":"Three White Soldiers: The Signal That Shows Bitcoin Bulls Are Preparing For Battle"},"content":{"rendered":"

Bitcoin price just touched $46,000<\/a> for the first time in months following the worst second quarter selloff on record. The push has continued beyond yesterday’s weekly close \u2013 a pivotal close that left behind an extremely bullish battle call.<\/p>\n

The pattern, called “Three White Soldiers,” is often the sign of a powerful uptrend brewing, but it often arrives with a feign of weakness. Here is more about the potentially important pattern and what it could mean for the current crypto market cycle.<\/p>\n

Bitcoin Bulls Prepare For Battle With Three White Soldiers Pattern<\/h2>\n

Bitcoin price recently took a bullish turn<\/a> after spending weeks grinding at support around $30,000. Repeated failure by bears to push prices lower gave bulls the confidence to make close to a 50% recovery from highs set earlier in the year.<\/p>\n

Three full weeks of uptrend confirmed with last night’s weekly close has formed a bullish Japanese candlestick pattern called “Three White Soldiers.”<\/p>\n

Related Reading | The Idea That The Bitcoin Bottom Is In Is Broadening<\/a><\/i><\/b><\/p>\n

According to Investopedia<\/a>, Three White Soldiers “suggests a strong change in market sentiment” and is characterized by three similarly sized candle bodies in a row. It is\u00a0“important to note that the strong moves higher could create temporary overbought conditions,” the site continues.<\/p>\n

If the pattern is valid, a short term retracement could result, followed by an explosive uptrend. A similar pattern appeared almost one year ago to the day, and the result was nine months of the most powerful uptrend Bitcoin has ever seen.<\/p>\n

\"BTCUSD_2021-08-09_12-24-39\"<\/p>\n

Bitcoin has potentially formed a powerful bullish pattern | Source: BTCUSD on TradingView.com<\/a><\/pre>\n

Three Black Crows Example In Crypto: With And Without A Trap<\/h2>\n

A similar sized drop as the August 2020 bear trap in crypto would take Bitcoin price back to around $35,000 before going on an absolute tear and potentially the last leg up of the bull run<\/a>.<\/p>\n

Bears might not get their short-lived trap this time around, either. As with most chart patterns, any bullish signal has an opposite bearish signal. The counter-signal to the Three White Soldiers is called Three Black Crows<\/a> and is a signal that Bitcoin has felt the bite from before.<\/p>\n

\"BTCUSD_2021-08-09_12-27-34\"<\/p>\n

Three Black Crows with and without retracement | Source: BTCUSD on TradingView.com<\/a><\/pre>\n

Three Black Crows appeared before the plummet to the bear market bottom, and the same signal popped up once again at the June 2019 peak<\/a> at around $14,000 per BTC.<\/p>\n

Related Reading | A Generational Bitcoin Buy Signal Is Almost Back<\/a><\/i><\/b><\/p>\n

In the first scenario, there was no retracement and Bitcoin simply fell like a ton of bricks through support. In the second scenario, there was a bull trap in October 2019 and an over 40% retest. The move broke records for one of the largest daily in history<\/a>, but failed to break the resistance level and reclaim it as support.<\/p>\n

After another failure, Bitcoin price fell back to its bear market bottom in Black Thursday 2020. If the two bullish signals (Three White Soldiers) also alternate in terms or retracement, there could be no bull trap, and instead the cryptocurrency slices through resistance as easily at support fell in December 2018.<\/p>\n

Follow <\/i><\/b>@TonySpilotroBTC on Twitter<\/i><\/b><\/a> or via <\/i><\/b>the TonyTradesBTC Telegram<\/i><\/b><\/a>. Content is\u00a0educational and should not be\u00a0considered investment advice.<\/i><\/b><\/p>\n

Featured image from iStockPhoto, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"

Bitcoin price just touched $46,000 for the first time in months following the worst second quarter selloff on record. The push has continued beyond yesterday’s weekly close \u2013 a pivotal close that left behind an extremely bullish battle call. The pattern, called “Three White Soldiers,” is often the sign of a powerful uptrend brewing, but it often arrives with a feign of weakness. Here is more about the potentially important pattern and what it could mean for the current crypto market cycle. Bitcoin Bulls Prepare For Battle With Three White Soldiers Pattern Bitcoin price recently took a bullish turn after spending weeks grinding at support around $30,000. Repeated failure by bears to push prices lower gave bulls the confidence to make close to a 50% recovery from highs set earlier in the year. Three full weeks of uptrend confirmed with last night’s weekly close has formed a bullish Japanese candlestick pattern called “Three White Soldiers.” Related Reading | The Idea That The Bitcoin Bottom Is In Is Broadening According to Investopedia, Three White Soldiers “suggests a strong change in market sentiment” and is characterized by three similarly sized candle bodies in a row. It is\u00a0“important to note that the strong moves higher could create temporary overbought conditions,” the site continues. If the pattern is valid, a short term retracement could result, followed by an explosive uptrend. A similar pattern appeared almost one year ago to the day, and the result was nine months of the most powerful uptrend Bitcoin has ever seen. Bitcoin has potentially formed a powerful bullish pattern | Source: BTCUSD on TradingView.com Three Black Crows Example In Crypto: With And Without A Trap A similar sized drop as the August 2020 bear trap in crypto would take Bitcoin price back to around $35,000 before going on an absolute tear and potentially the last leg up of the bull run. Bears might not get their short-lived trap this time around, either. As with most chart patterns, any bullish signal has an opposite bearish signal. The counter-signal to the Three White Soldiers is called Three Black Crows and is a signal that Bitcoin has felt the bite from before. Three Black Crows with and without retracement | Source: BTCUSD on TradingView.com Three Black Crows appeared before the plummet to the bear market bottom, and the same signal popped up once again at the June 2019 peak at around $14,000 per BTC. Related Reading | A Generational Bitcoin Buy Signal Is Almost Back In the first scenario, there was no retracement and Bitcoin simply fell like a ton of bricks through support. In the second scenario, there was a bull trap in October 2019 and an over 40% retest. The move broke records for one of the largest daily in history, but failed to break the resistance level and reclaim it as support. After another failure, Bitcoin price fell back to its bear market bottom in Black Thursday 2020. If the two bullish signals (Three White Soldiers) also alternate in terms or retracement, there could be no bull trap, and instead the cryptocurrency slices through resistance as easily at support fell in December 2018. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":468910,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-468898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nThree White Soldiers: The Signal That Shows Bitcoin Bulls Are Preparing For Battle<\/title>\n<meta name=\"description\" content=\"Bitcoin price just touched $46,000 for the first time in months following the worst second quarter selloff on record. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. 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. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Three White Soldiers: The Signal That Shows Bitcoin Bulls Are Preparing For Battle","url":"http:\/\/wncen.com\/news\/three-white-soldiers-bitcoin-btcusd\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/three-white-soldiers-bitcoin-btcusd\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/bitcoin-three-white-soliders-iStock-1224533403.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/bitcoin-three-white-soliders-iStock-1224533403.jpeg?fit=1254%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","crypto","xbt","xbtusd"],"dateCreated":"2021-08-09T20:00:51Z","datePublished":"2021-08-09T20:00:51Z","dateModified":"2024-06-11T10:11:46Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Three White Soldiers: The Signal That Shows Bitcoin Bulls Are Preparing For Battle\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/three-white-soldiers-bitcoin-btcusd\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/three-white-soldiers-bitcoin-btcusd\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/bitcoin-three-white-soliders-iStock-1224533403.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/bitcoin-three-white-soliders-iStock-1224533403.jpeg?fit=1254%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2021-08-09T20:00:51Z\",\"datePublished\":\"2021-08-09T20:00:51Z\",\"dateModified\":\"2024-06-11T10:11:46Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/bitcoin-three-white-soliders-iStock-1224533403.jpeg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/468898"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=468898"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/468898\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/468910"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=468898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=468898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=468898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}