Bitcoin Daily Dragonfly Doji Gives Bulls Hope Of Sharp Reversal

[Sharpmax]

Bitcoin price is now up $6,000 from yesterday’s low in a flash. A long wick below support is now left behind, forming a Japanese candlestick formation called a dragonfly doji. With a large follow through by crypto bulls already, a daily close above $36,000 could leave a reversal pattern behind on the charts. But to how high might the once trending cryptocurrency climb if it can find a bottom? And is this a dead cat bounce, or the full recovery back into a bull market the masses are waiting for? Will A Dragonfly Doji On The Daily Let Bitcoin Fly Again? Although so many investors in cryptocurrencies are quick to write technical analysis off as witchcraft or little more than a guessing game, there is a real technique to it. When done properly, there are strict rules to follow that confirm signals along with statistics that show what type of results to expect from the behavior. Studies have been done on chart patterns, indicators, and more – all the way down to the candlestick.Source