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Bitcoin Price Forms Doji Candle, Signalling Potential Trend Reversal: Crypto Trader

  • Alex Dovbnya
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    Cryptocurrency trader Josh Rager notices a Doji candlestick on the Bitcoin weekly chart that could serve as a harbinger of another market U-turn

Bitcoin Price Forms Doji Candle, Signalling Potential Trend Reversal: Crypto Trader
Cover image via news.u.today

Cryptocurrency trader Josh Rager has taken to Twitter to inform his followers about the Bitcoin price forming a Doji candlestick on its weekly chart. He also points out that he expects a potential trend reversal. 

This is a widely used chart pattern that shows a supply/demand equilibrium, which often comes right before a major turning point in either direction. However, such a formation can also be viewed as a continuation pattern.   

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Bitcoin Price Possible Heading for $6,000 Would Still ‘Make Bullish Structure Macrowise”, Analyst Says

A Doji candle can be spotted either after an uptrend or after a downtrend (which is true in this particular case). As reported by U.Today, the Bitcoin price tanked by more than 20 percent in mere hours with the great descending triangle resolving downwards.

That time, the bears ended up being clear winners, but the bulls might be ready to turn the tides after a long streak of indecisive trading. The pivotal weekly close will probably define the winner of this tug-of-war match.   

What will be Bitcoin's next move? Feel free to leave your comment. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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