This week, Bitcoin price exploded with $ 10,000 resistance and rose to $ 11,400. The cryptocurrency is now gathering below this level and reveals that a crypto analyst expects that this week's rally will be almost one and a half times the size of the rally.
Will the cryptocurrency close the formation of the "Three White Soldiers" and if so, what can be expected for the price movement in the coming days and weeks?
Bitcoin Price Weekly Structure Looks for Bullish Bullish Trend, Crypto Analyst Claims
In response to the United States' second incentive flowing into the free markets, gold broke a new record, silver, Bitcoin and cryptocurrencies shed tears.
These fixed assets are expected to continue to respond to accelerating inflation. Cryptocurrencies like Bitcoin also leave a three-year bear market and provide them with a great momentum.
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In contrast, BTCUSD consolidated below $ 10,000 after spending nearly three full months, meeting just over 13% this week. While most of the pressures from precious metals and crypto are due to the collapse of the dollar and not all of these beings are pumping, most analysts expect the bullish trend to continue in the crypto.
A crypto analyst said,take boldlyThey expect Bitcoin to close strong this week, but much stronger next week. By validating the Japanese candlestick pattern of the three white soldiers, they see the leading cryptocurrency of the market door this week with 1.5 times better performance.
However, if it is confirmed, what exactly does the pattern mean?
BTCUSD Weekly Three White Soldiers | Source: TradingView
Will there be three white soldiers in the BTCUSD weekly price chart? What does it mean?
Three white soldiers A bull Japanese candlestick pattern with three green candles of similar size or progressively larger candlestick bodies, each higher than the other, closing back to back.
Even if the pattern is confirmed by three candles in a row, the fourth candle in the formation is usually a retreat due to excessive intake conditions. Only then would three white soldiers confirm a new uptrend.
The final confirmation of such a pattern was during the 2019 parabolic rally, which raised the price of Bitcoin to $ 14,000.
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Eventually, after leaving the resistance at the bottom of Bitcoin, the asset paused, consolidated, and then took off like a rocket ship. The second weekly candle was especially large after the break and matched the rally we saw last week.
The next asset was 100% climb. 100% more rally than current prices would move Bitcoin price to its all-time high.
Three white soldiers are the reverse signal of three black crows. The bear signal emerged in monthly time frames following the peak of assets in 2019 and encouraged a new downtrend to follow.
Will BTCUSD launch another explosive bullish trend, potentially with the formation of three white soldiers on the weekly price charts?