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.
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.