{"id":478977,"date":"2021-12-15T18:23:02","date_gmt":"2021-12-15T18:23:02","guid":{"rendered":"https:\/\/wncen.com\/?p=478977"},"modified":"2024-06-11T12:26:44","modified_gmt":"2024-06-11T12:26:44","slug":"this-bitcoin-morning-star-could-brighten-the-bullish-narrative-in-a-flash","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/this-bitcoin-morning-star-could-brighten-the-bullish-narrative-in-a-flash\/","title":{"rendered":"This Bitcoin Morning Star Could Brighten The Bullish Narrative In A Flash"},"content":{"rendered":"<p>Things are looking dark across the cryptocurrency market, <a href=\"https:\/\/wncen.com\/all\/bitcoin-falls-flat-examining-a-rare-bull-market-corrective-pattern\/\">especially for Bitcoin<\/a>. But a potential reversal pattern called Morning Star could bring a return to the bullish narrative faster than the speed of light. Here is a closer look at the possible Japanese candlestick reversal pattern and the conditions necessary for confirmation.<\/p>\n<h2>Crypto Bloodbath: It&#8217;s Always Darkest Before The Dawn<\/h2>\n<p>Although the origin source is uncertain, 17th century <a href=\"https:\/\/www.bookbrowse.com\/expressions\/detail\/index.cfm\/expression_number\/582\/its-always-darkest-before-the-dawn\" target=\"_blank\" rel=\"noopener nofollow\">English theologian and historian<\/a> Thomas Fuller is credited with the quote, &#8220;it&#8217;s always darkest before the dawn.&#8221;<\/p>\n<p>Cryptocurrency markets, and Bitcoin in general, have shown <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-bottom-signal-from-bear-market-black-thursday-could-save-the-bull-run\/\">time and time again<\/a> that when things seem at their worst, it is usually the best time to buy for the largest return on investment. It is what contrarian phrases like &#8220;buy the blood in the streets&#8221; and &#8220;be greedy when others are fearful&#8221; are meant to convey.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a class=\"row-title\" href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-bottom-signal-from-bear-market-black-thursday-could-save-the-bull-run\/\" aria-label=\"\u201cBitcoin Bottom Signal From Bear Market, Black Thursday Could Save The Bull Run\u201d (Edit)\">Bitcoin Bottom Signal From Bear Market, Black Thursday Could Save The Bull Run<\/a><\/strong><\/em><\/p>\n<p>Things might seem bleak for Bitcoin considering a 38% correction from highs and a high-risk macro environment. But just as Fuller&#8217;s quote would indicate, the potential for a reversal is possibly here and it could begin with the dawn of <a href=\"https:\/\/wncen.com\/lessons\/japanese-candlesticks\/\">a Morning Star pattern<\/a>.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-478978 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/BTCUSD_2021-12-15_11-31-02.png?resize=860%2C411\" alt=\"bitcoin BTCUSD_2021-12-15_11-31-02\" width=\"860\" height=\"411\"><\/p>\n<pre style=\"text-align: center\">Bitcoin price must close $53,500 for conditions to be met \u00a0| Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\" rel=\"nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<h2>The Level Bitcoin Must Reclaim To Confirm A Morning Star Reversal<\/h2>\n<p>On weekly Bitcoin charts, the leading cryptocurrency by market cap can be seen with a massive down move and corresponding red candle, followed by a green doji indicating a pause in the trend \u2013 or a period of indecision. <a href=\"https:\/\/wncen.com\/topic\/common-types-of-japanese-candlesticks\/\">Doji<\/a> appear ahead of continuation, or a potential reversal.<\/p>\n<p>If bulls can close the current weekly candle with an aggressive move of a similar magnitude, the doji will be the turning point of a <a href=\"https:\/\/wncen.com\/topic\/japanese-candlestick-patterns\/\">Morning Star reversal pattern<\/a>.<\/p>\n<p style=\"text-align: center\"><strong><i>Related Reading |<\/i> <a href=\"https:\/\/wncen.com\/topic\/japanese-candlestick-patterns\/\"><i>Learn\u00a0<\/i><span style=\"color: #212121\"><span><i>More<\/i><\/span><\/span><i>\u00a0About Japanese Candlesticks Patterns In Bitcoin<\/i><\/a><\/strong><\/p>\n<p>A Morning Star is a bullish reversal pattern based on Japanese candlestick formation. For the pattern to be valid, this weekly Bitcoin candle must close above $53,500 or at least 50% of the red candle down. Without those conditions met, <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-bottom-signal-from-bear-market-black-thursday-could-save-the-bull-run\/\">bears could continue to control crypto<\/a> market price action.<\/p>\n<p>Morning Star reversals have an accuracy of breaking bullish 78% of the time and <a href=\"http:\/\/thepatternsite.com\/MorningStar.html\" target=\"_blank\" rel=\"noopener nofollow\">according to Thomas Bulkowski<\/a>, ranks 6th out of 103 different candlestick patterns in terms of overall performance.<\/p>\n<p>https:\/\/twitter.com\/tonyspilotroBTC\/status\/09435908<\/p>\n<p><b><i>Follow <\/i><\/b><a href=\"https:\/\/twitter.com\/tonyspilotroBTC\" rel=\"nofollow\"><b><i>@TonySpilotroBTC on Twitter<\/i><\/b><\/a><b><i> or join\u00a0<\/i><\/b><a href=\"https:\/\/t.me\/TonyTradesBTC\" rel=\"nofollow\"><b><i>the TonyTradesBTC Telegram<\/i><\/b><\/a><b><i> for exclusive daily market insights and technical analysis education<\/i><\/b><b><i>. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/i><\/b><\/p>\n<pre>Featured image from iStockPhoto, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Things are looking dark across the cryptocurrency market, especially for Bitcoin. But a potential reversal pattern called Morning Star could bring a return to the bullish narrative faster than the speed of light. Here is a closer look at the possible Japanese candlestick reversal pattern and the conditions necessary for confirmation. Crypto Bloodbath: It&#8217;s Always Darkest Before The Dawn Although the origin source is uncertain, 17th century English theologian and historian Thomas Fuller is credited with the quote, &#8220;it&#8217;s always darkest before the dawn.&#8221; Cryptocurrency markets, and Bitcoin in general, have shown time and time again that when things seem at their worst, it is usually the best time to buy for the largest return on investment. It is what contrarian phrases like &#8220;buy the blood in the streets&#8221; and &#8220;be greedy when others are fearful&#8221; are meant to convey. Related Reading | Bitcoin Bottom Signal From Bear Market, Black Thursday Could Save The Bull Run Things might seem bleak for Bitcoin considering a 38% correction from highs and a high-risk macro environment. But just as Fuller&#8217;s quote would indicate, the potential for a reversal is possibly here and it could begin with the dawn of a Morning Star pattern. Bitcoin price must close $53,500 for conditions to be met \u00a0| Source: BTCUSD on TradingView.com The Level Bitcoin Must Reclaim To Confirm A Morning Star Reversal On weekly Bitcoin charts, the leading cryptocurrency by market cap can be seen with a massive down move and corresponding red candle, followed by a green doji indicating a pause in the trend \u2013 or a period of indecision. Doji appear ahead of continuation, or a potential reversal. If bulls can close the current weekly candle with an aggressive move of a similar magnitude, the doji will be the turning point of a Morning Star reversal pattern. Related Reading | Learn\u00a0More\u00a0About Japanese Candlesticks Patterns In Bitcoin A Morning Star is a bullish reversal pattern based on Japanese candlestick formation. For the pattern to be valid, this weekly Bitcoin candle must close above $53,500 or at least 50% of the red candle down. Without those conditions met, bears could continue to control crypto market price action. Morning Star reversals have an accuracy of breaking bullish 78% of the time and according to Thomas Bulkowski, ranks 6th out of 103 different candlestick patterns in terms of overall performance. https:\/\/twitter.com\/tonyspilotroBTC\/status\/09435908 Follow @TonySpilotroBTC on Twitter or join\u00a0the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: 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":478981,"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-478977","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":"\n<title>This Bitcoin Morning Star Could Brighten The Bullish Narrative In A Flash<\/title>\n<meta name=\"description\" content=\"Things are looking dark across the cryptocurrency market, especially for Bitcoin. 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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. 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