Reversal Cryptocurrency Candle Patterns - Piercing Line Bitcoin Candlestick Pattern
Bullish Bitcoin Candlesticks Setups
A Piercing Line BTCUSD Candlesticks Pattern and Dark Cloud Cover BTC USD Crypto Candlesticks Pattern look alike but the difference is that one occurs at the top of a Bitcoin Trading up bitcoin trend (Cloud Cover) and the other occurs at the bottom of a downwards Bitcoin trend (Piercing).
Upward Bitcoin Crypto Currency Trend Reversal - Dark Cloud Cover Candles Patterns
Downward Bitcoin Crypto Currency Trend Reversal - Piercing Line Candles Patterns
Piercing Line Bitcoin Candle Pattern
Piercing line candle setup pattern is a long black body followed by a long white body candle.
White body pierces the mid point of the prior black body.
Piercing line candle-stick set-up is a bullish reversal bitcoin pattern that forms at the bottom of a market downwards cryptocurrency trend. Piercing line candlestick pattern displays that the btcusd trading market opens lower & closes above the midpoint of the black body.
Piercing line candlestick pattern displays that the momentum of the down bitcoin trend is reducing & bitcoin trend is likely to reverse & move in an upwards direction.
Piercing line candle-stick pattern is shown below and it is known as a piercing line because it signifies that the btcusd market is piercing the bottom showing a market floor for the bitcoin price downwards trading trend.
Piercing Line Bitcoin Candlestick Pattern
Technical Analysis Piercing Line BTCUSD Candles Setup
A buy cryptocurrency signal is confirmed once bitcoin price closes above the neckline which is the opening of the candlestick on the left of the Piercing Line candle pattern.
This is a bullish candlestick pattern setup and bitcoin price should continue moving up-ward & for one who puts a buy bitcoin trade - should place stop loss cryptocurrency orders just below the lowest bitcoin price level.
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