{"id":638078,"date":"2024-08-28T01:00:07","date_gmt":"2024-08-28T01:00:07","guid":{"rendered":"https:\/\/wncen.com\/?p=638078"},"modified":"2024-08-27T15:33:05","modified_gmt":"2024-08-27T15:33:05","slug":"bitcoins-august-candle-hints-at-major-reversal","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoins-august-candle-hints-at-major-reversal\/","title":{"rendered":"Bitcoin’s August Candle Hints at Major Reversal\u2014Are Bulls About to Take Over?"},"content":{"rendered":"

As August draws to a close, Bitcoin price action has caught the attention of market analysts who believe<\/a> the current monthly candle could be one of the most significant in the cryptocurrency\u2019s history.<\/p>\n

The end-of-month price movement has sparked discussions about a potential trend reversal, particularly among those closely following technical analysis.<\/p>\n

However, while some analysts are optimistic, others urge caution, reminding traders that the month is not over, and external factors could still influence Bitcoin\u2019s trajectory<\/a>.<\/p>\n

Related Reading: Bitcoin And NASDAQ Show Tight Correlation: What Does This Mean For BTC?<\/a><\/div>\n

August Candle Shows Dragonfly Doji<\/h2>\n

One of the most intriguing aspects of the current Bitcoin price chart is the formation of a potential \u201cdragonfly doji\u201d candlestick on the monthly time frame.<\/p>\n

\"Bitcoin
Bitcoin price chart on the monthly time frame. | Source: HODL15Capital on X<\/figcaption><\/figure>\n

In a recent post on X, an analyst from HODL15Capital referred to this candle as \u201carguably the most interesting monthly candle in Bitcoin\u2019s history.\u201d Notably, the dragonfly doji is a Japanese candlestick pattern that typically indicates a potential reversal<\/a> in price direction.<\/p>\n

It forms when the open, high, and close prices are nearly the same, but the low price is significantly lower, creating a long lower shadow. This pattern often suggests that sellers were in control during the early part of the month, but buyers pushed the price back up by the close, signaling strong bullish momentum<\/a>.<\/p>\n

Bitcoin Bulls About To Take Over?<\/h2>\n

The potential dragonfly doji on Bitcoin\u2019s monthly chart has sparked optimism among some traders and analysts who believe it could indicate a strong reversal in Bitcoin\u2019s price trend.<\/p>\n

Javon Marks, a well-known crypto analyst on X, commented<\/a> on the significance of this monthly candle. He noted that if Bitcoin closes the month with a dragonfly doji, it would represent the largest seller rejection (the strongest bull presence) since March 2020.<\/p>\n

Marks further pointed out that a similar pattern in 2020 preceded one of Bitcoin\u2019s most significant bullish movements during the previous bull cycle<\/a>, suggesting that history could repeat itself.<\/p>\n

However, while forming a dragonfly doji is often seen as a bullish signal, it\u2019s worth noting that it does not guarantee future price action.<\/p>\n

The pattern indicates that the market has rejected lower prices, but it doesn\u2019t necessarily mean a sustained uptrend will follow. As some have cautioned<\/a>, the month is not yet over; therefore, the candles are yet to close, and a lot can change in the 4 days of trading left.<\/p>\n

Related Reading: Expert Explains Why Bitcoin Price Could Explode To $1 Million This Cycle<\/a><\/div>\n

Additionally, fundamental factors such as macroeconomic events, particularly the US news event set to occur this week or perhaps market sentiment, can all play a significant role in determining Bitcoin\u2019s next move<\/a>.<\/p>\n

\"Bitcoin
BTC price is moving sideways on the 2-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

As August draws to a close, Bitcoin price action has caught the attention of market analysts who believe the current monthly candle could be one of the most significant in the cryptocurrency\u2019s history. The end-of-month price movement has sparked discussions about a potential trend reversal, particularly among those closely following technical analysis. However, while some analysts are optimistic, others urge caution, reminding traders that the month is not over, and external factors could still influence Bitcoin\u2019s trajectory. Related Reading: Bitcoin And NASDAQ Show Tight Correlation: What Does This Mean For BTC? August Candle Shows Dragonfly Doji One of the most intriguing aspects of the current Bitcoin price chart is the formation of a potential \u201cdragonfly doji\u201d candlestick on the monthly time frame. In a recent post on X, an analyst from HODL15Capital referred to this candle as \u201carguably the most interesting monthly candle in Bitcoin\u2019s history.\u201d Notably, the dragonfly doji is a Japanese candlestick pattern that typically indicates a potential reversal in price direction. It forms when the open, high, and close prices are nearly the same, but the low price is significantly lower, creating a long lower shadow. This pattern often suggests that sellers were in control during the early part of the month, but buyers pushed the price back up by the close, signaling strong bullish momentum. Bitcoin Bulls About To Take Over? The potential dragonfly doji on Bitcoin\u2019s monthly chart has sparked optimism among some traders and analysts who believe it could indicate a strong reversal in Bitcoin\u2019s price trend. Javon Marks, a well-known crypto analyst on X, commented on the significance of this monthly candle. He noted that if Bitcoin closes the month with a dragonfly doji, it would represent the largest seller rejection (the strongest bull presence) since March 2020. Marks further pointed out that a similar pattern in 2020 preceded one of Bitcoin\u2019s most significant bullish movements during the previous bull cycle, suggesting that history could repeat itself. However, while forming a dragonfly doji is often seen as a bullish signal, it\u2019s worth noting that it does not guarantee future price action. The pattern indicates that the market has rejected lower prices, but it doesn\u2019t necessarily mean a sustained uptrend will follow. As some have cautioned, the month is not yet over; therefore, the candles are yet to close, and a lot can change in the 4 days of trading left. Related Reading: Expert Explains Why Bitcoin Price Could Explode To $1 Million This Cycle Additionally, fundamental factors such as macroeconomic events, particularly the US news event set to occur this week or perhaps market sentiment, can all play a significant role in determining Bitcoin\u2019s next move. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":638082,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,629,6848,1119,78790,6664,10923],"class_list":["post-638078","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-bitcoin-price-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\nBitcoin August Candle Hints at Major Reversal\u2014Are Bulls About to Take Over?<\/title>\n<meta name=\"description\" content=\"As the month of August draws to a close, Bitcoin price action has caught the attention of market analysts who believe that the...\" \/>\n<meta name=\"robots\" content=\"index, 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin’s August Candle Hints at Major Reversal\u2014Are Bulls About to Take Over?","url":"http:\/\/wncen.com\/bitcoin-news\/bitcoins-august-candle-hints-at-major-reversal\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/bitcoin-news\/bitcoins-august-candle-hints-at-major-reversal\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/DALL\u00b7E-2024-08-27-16.08.43-A-digital-illustration-exploring-the-potential-major-reversal-in-Bitcoins-August-candle-suggesting-that-bulls-might-take-over.-The-image-features-a-.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/DALL\u00b7E-2024-08-27-16.08.43-A-digital-illustration-exploring-the-potential-major-reversal-in-Bitcoins-August-candle-suggesting-that-bulls-might-take-over.-The-image-features-a-.jpg?fit=1024%2C1024"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin analysis","bitcoin market","bitcoin price prediction","btc","btcusdt","crypto","crypto market"],"dateCreated":"2024-08-28T01:00:07Z","datePublished":"2024-08-28T01:00:07Z","dateModified":"2024-08-28T01:00:07Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin’s August Candle Hints at Major Reversal\\u2014Are Bulls About to Take Over?\",\"url\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoins-august-candle-hints-at-major-reversal\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoins-august-candle-hints-at-major-reversal\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/DALL\\u00b7E-2024-08-27-16.08.43-A-digital-illustration-exploring-the-potential-major-reversal-in-Bitcoins-August-candle-suggesting-that-bulls-might-take-over.-The-image-features-a-.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/DALL\\u00b7E-2024-08-27-16.08.43-A-digital-illustration-exploring-the-potential-major-reversal-in-Bitcoins-August-candle-suggesting-that-bulls-might-take-over.-The-image-features-a-.jpg?fit=1024%2C1024\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin analysis\",\"bitcoin market\",\"bitcoin price prediction\",\"btc\",\"btcusdt\",\"crypto\",\"crypto market\"],\"dateCreated\":\"2024-08-28T01:00:07Z\",\"datePublished\":\"2024-08-28T01:00:07Z\",\"dateModified\":\"2024-08-28T01:00:07Z\"}<\/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\/2024\/08\/DALL\u00b7E-2024-08-27-16.08.43-A-digital-illustration-exploring-the-potential-major-reversal-in-Bitcoins-August-candle-suggesting-that-bulls-might-take-over.-The-image-features-a-.jpg?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/638078","targetHints":{"allow":["GET"]}}],"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\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=638078"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/638078\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/638082"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=638078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=638078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=638078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}