If you have actually been following the Bitcoin market over the past 30 minutes, you have actually most likely observed the odd bout of rate action portrayed below– Bitcoin surged 1% in a couple of minutes to just crash by 3% in 3 minutes, then continue lower and lower as if there was no assistance under BTC.
As lots of on Twitter described, the candle lights that originated from this rate action look precisely like the lightsaber of Darth Maul, which has blades extending from each side.
Jokes aside, experts state that the presence of a so-called “Darth Maul” candle light is bearish for BTC. Here’s why.
Bitcoin Might Continue Lower, Darth Maul Candle Light Recommends
Discussing the severe rate action– which some have actually chalked up to the low liquidity on the weekends and the presence of margin trading– trader Byzantine General revealed bearishness.
He composed in a message released to his Telegram channel that when the short rise to $9,200 occurred, it was on “high volume,” suggesting the subsequent failure and turnaround was a bearish indication. Discussing the idea even more, Byzantine General stated:
” When darth mauls increase initially, then down, they are normally bearish and continue to bleed.”
Trader Coiner-Yadox likewise revealed bearishness in the middle of the Darth Maul candle light. He described that from how he saw it, there was a clear confluence of resistance around $9,300– the coming down trendline, February open, a swimming pool of liquidity, a four-hour advocate, and an everyday breaker– recommending that any relocation into that area would be asking for a turnaround.
Included image from Shutterstock
Nick Chong Read More.