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Name Symbol Market Market Cap ($) Algorithm
Bitcoin BTCUSD Crypto 469,942,447,559 SHA-256d
  Price Change Price Change % Current Price Bid Price Offer
  125.98 0.51% 24,588.70 24,591.22 24,591.23
High Price Low Price Open Price Prev. Close 52 Week Range
24,650.03 24,352.13 24,450.81 24,462.72 17,579.24 - 69,000.00
Exchange Last Trade Size Trade Price Currency
GDAX 02:23:34 0.000284 24,590.97 USD
Price x Volume Volume Base Symbol Related Pairs
29,619,124.01 1,207.52 BTC BTCEUR BTCGBP ETHBTC

Hammer Time: The Bullish Signal That Could Save Bitcoin

22/05/2022 3:03pm

NEWSBTC


Bitcoin price is still struggling to hold onto support at $30,000 on high timeframes after smashing through it more than a week ago now. With buyers stepping in after the plunge, there is a chance for bulls to stop the downside with a bullish reversal candlestick setup. Learn more about the potential setup and find out if it’s “hammer time”. A Bullish Hammer Could Put A Stop To The Bear Market You wouldn’t necessarily know it by the ultra bearish sentiment or the recent plunge and resulting panic across the crypto market. But if you look at medium timeframe price charts, Bitcoin bulls could be preparing out a stop to the bleeding and stage a bullish hammer reversal. Related Reading | This Expanding Triangle Pattern Could Be The Last Hope For Bitcoin Bulls Japanese candlesticks are said to be developed by the so-called “God of Markets,” Honma Munehisa. Homna was a rice trader and wrote the first ever book in market psychology. Candlesticks are comprised of a body and shadow, often called a wick. They are typically depicted as red and green, or white and black (open and closed). Each candle includes information on the open, close, low, and high of the trading session it represents. How the candle opens, closes, and the highs and lows set during the session will shape the candle, and often provide information about what might be going on in the market — and what might come next. Could this hammer put a stop to bears? | Source: BTCUSD on TradingView.com The Technicals Supporting A Bitcoin Reversal Setup On BTCUSD weekly and 2-week timeframe charts, the top cryptocurrency is working on a bullish hammer. A bullish hammer is a characterized as having a long lower wick acting as the handle, a small upper body, and little to no upper shadow. Although the bullish signal only takes one candlestick to suggest a bottom is in, it is only confirmed with a strong follow through back to the upside. There are plenty of technicals supporting a reversal | Source: BTCUSD on TradingView.com Hammers are most effective when they follow a string of at least three down candles, and are supported by bullish technicals. The bullish hammer is happening at what could be the end of a wave 4 expanding triangle correction, according to Elliott Wave Principle. The MACD is retesting the zero line, much as it did during the wave 1 Black Thursday correction. Each bottom, also coincidentally touched the lower Bollinger Band before reversing to the upside. Related Reading | Bitcoin Bear Market Comparison Says It Is Almost Time For Bull Season Will this bullish hammer confirm, and stop the bloodbath from continuing? Here is a 🧵 on my full Elliott Wave analysis on #Bitcoin and why I don’t believe there is a bear market – and why I expect the last leg up any day now. — Tony "The Bull" Spilotro (@tonyspilotroBTC) May 15, 2022 Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

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