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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback

Why A Morning Star Reversal Could Awaken A Monster Bitcoin Rally

Tony Spilotro by Tony Spilotro
1 week ago
in BTC
Reading Time: 3 mins read
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Bitcoin price is already turning heads after reclaiming $20,000 per coin, but if the current monthly candle closes on BTCUSD price charts, the top cryptocurrency will satisfy the conditions of a morning star reversal pattern. 

The last time the signal occurred at the bottom of a major downtrend, Bitcoin began a two-year-long bull run in cryptocurrencies and went on to climb more than 6,000% after the morning star confirmed.

Bitcoin Reclaims $20,000: A Wake Up Call For The Bull Market

Bitcoin is once again above $20,000, but a lot has changed since 2020 when it passed the key level for the first time. The number one cryptocurrency by market cap has declined by 78%, and altcoins have dramatically collapsed by as much as 99%. 

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But markets are cyclical, and some signs are beginning to point to the end of a bearish phase in crypto and the possibility of a new bull trend blossoming. Top analysts are starting to wake up and take notice, and are now calling for a bottom and a cyclical low. 

Related Reading: Bitcoin Price Touches $20,000 For First Time Post-FTX Collapse

Reaching above $21,000 has put BTCUSD above pre-FTX crash levels from two months prior. More importantly, the three-month period has resulted in a three-candlestick reversal pattern called a morning star. 

The morning star reversal pattern is a bullish Japanese candlestick reversal pattern, than when confirmed should result in three to five months worth of follow-through. A substantial shift from bearish to bullish would return Bitcoin to its previously bullish state.

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A morning star reversal pattern has formed | BTCUSD on TradingView.com

What A Morning Star Reversal Could Mean For Crypto

According to Investopedia, “a morning star is a visual pattern made up of a tall black candlestick,” a black or white doji, “and a third tall white candlestick.” “The middle candle of the morning star captures a moment of market indecision where the bears begin to give way to bulls. The third candle confirms the reversal and can mark a new uptrend,” an excerpt reads.

Related Reading: “Parabolic” Signal That Triggered Past Bitcoin Bull Runs Reappears

Analysts and traders should look toward technical indicators to confirm the signal.  For example, the Fisher Transform is crossing bullish from extreme negative deviations, and could help provide confirmation of extended upside to follow. 

Is this confirmation of a new bull trend? | BTCUSD on TradingView.com

Historically, the Fisher Transform turning up combined with a 20% monthly bullish candle was enough to end each bear market in the past. The most direct comparison, took place in 2015, when another morning star reversal pattern helped trigger a new bull trend. 

In that instance, BTCUSD went on to climb by 6,000% in 24 months — after the signal appeared. Confirmation requires this month’s candle to engulf at least 50% of the black, November down candle. The more this month engulfs the November candle, the stronger the signal. Currently, the entire candle has been engulfed. 

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
Tags: bitcoinbtcbtcusdFisher Transformmorning star
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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