Bullish Cryptocurrency Candlestick Patterns and Bearish Cryptocurrency Candlestick Patterns

Shooting Star Bearish Cryptocurrency Candlestick Patterns

Inverted Hammer Bitcoin Candlestick Pattern and Shooting Star Bitcoin Candlestick Pattern candlesticks look alike. These have a long upper shadow and a short body at the bottom. Their color does not matter. What matters is the point where they appear whether at the top of a market bitcoin trend (star) or the bottom of a market bitcoin trend (hammer).

The difference is that inverted hammer is a bullish reversal bitcoin pattern while shooting star is a bearish reversal bitcoin pattern.

Upward Bitcoin Trend Reversal - Shooting Star Candlesticks

Downward Bitcoin Trend Reversal - Inverted Hammer Candlesticks

Inverted Hammer Bitcoin Candlestick Pattern and Shooting Star Bitcoin Candlestick Pattern Bitcoin Chart Patterns

Inverted Hammer Candlestick

This is a bullish reversal candlestick pattern. It occurs at the bottom of a Bitcoin trend.

Inverted hammer occurs at the bottom of a down bitcoin trend and indicates the possibility of reversal of the downward Bitcoin trend.

Inverted Hammer Candlestick

Technical Analysis of Inverted Hammer Candlestick

A buy is confirmed when a candlestick closes above the neckline, this is the opening of the candlestick on the left side of this pattern. The neckline in this case is a resistance level.

Stop orders for the buy cryptocurrency trades should be placed a few pips below the lowest btcusd price on the recent low.

An inverted hammer is named so because it signifies that the btcusd trading market is hammering out a bottom.

Shooting Star Candlestick

This is a bearish reversal candlestick pattern. It occurs at the top of a market trend.

It occurs at the top of an up bitcoin trend where the open btcusd price is the same as the low and btcusd price then rallied up but was pushed back down to close near the open.

Shooting Star Candlestick

Technical Analysis of Shooting Star Candlestick

A sell is confirmed when a candlestick closes below the neckline, this is the opening of the candlestick on the left side of this pattern. The neckline in this case is a support level.

Stop orders for the sell cryptocurrency trades should be placed a few pips above the highest btcusd price on the recent high.

The Shooting Star is named so because at the top of an upward market bitcoin trend this cryptocurrency candlestick pattern resembles a shooting star up in the sky.