The daily engulfing candlestick we painted today might not be as bullish as it looks at the first sight. What we see can be interpreted as Three-Line Strike Pattern in its Bearish Continuation form. Quote:
*The Three Line Strike candlestick pattern is a 5-bar continuation pattern. It actually implies more downside!
*The bearish formation is composed of a big red candle, 3 down candles, and one up candle erasing the decrease made by the prior 3 candles.
source: patternswizard.com/t...candlestick-pattern/
Combine this with 4h Bearish Divergence now maturing and the euphoria might be a little premature. Remember that the target of the Rising Wedge breakdown was in 45k range and we never got that far. Curious to see where this might go! Sharing this idea because it's a pattern I wasn't familiar with earlier and I think it's a nice piece of education.
*The Three Line Strike candlestick pattern is a 5-bar continuation pattern. It actually implies more downside!
*The bearish formation is composed of a big red candle, 3 down candles, and one up candle erasing the decrease made by the prior 3 candles.
source: patternswizard.com/t...candlestick-pattern/
Combine this with 4h Bearish Divergence now maturing and the euphoria might be a little premature. Remember that the target of the Rising Wedge breakdown was in 45k range and we never got that far. Curious to see where this might go! Sharing this idea because it's a pattern I wasn't familiar with earlier and I think it's a nice piece of education.