bullish

2024

Bitcoin

Read

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Bitcoin, the leading cryptocurrency by market capitalization, has <a href="https://x.com/ByzGeneral/status/1853099120535232654" rel="noopener noreferrer nofollow">formed</a> the so-called "gravestone Doji" candle.
As the name suggests, such a candle is a bearish indicator that typically marks the end of a bullish trend.
<blockquote class="twitter-tweet">
 Uhhhh g-guys...Are we sure that we wanna close the weekly like this? 😳<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> <a href="https://t.co/EW5djUUPeA" rel="noopener noreferrer nofollow">pic.twitter.com/EW5djUUPeA</a>— Byzantine General (@ByzGeneral) <a href="https://twitter.com/ByzGeneral/status/1853099120535232654?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 3, 2024</a>
</blockquote>
The weekly chart shows a long upper shadow, which signals that the bears continue to hold their ground after the bulls made a failed attempt to push the price of the leading cryptocurrency higher. The small tail indicates that the cryptocurrency's closing price is on track to be lower than its opening price on the weekly chart.
Earlier this week, the bulls came close to printing a new record high after the bellwether cryptocurrency surged above the much-coveted $73,000 level for the first time in months. However, the bulls faced a sharp rejection, with the largest cryptocurrency retracing back to the $67,000 level.
Bitcoin failed to surge to the $74,000 despite the stunning performance of BlackRock's IBIT. As <a href="https://u.today/bitcoin-etf-flows-are-massive-red-flag-analyst-says" rel="noopener noreferrer nofollow">reported by U.Today</a>, some naysayers suggest that this might be due to the fact that very relatively little fresh money has entered Bitcoin ETFs compared to gold ETFs.
During the recent sell-off, the cryptocurrency started dipping below the lower band on the Bollinger Bands indicator on the four-hour timeframe. This could be seen as yet another ominous sign for the bulls.
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> 4H starting to breach lower BB <a href="https://t.co/wSANMIl70D" rel="noopener noreferrer nofollow">https://t.co/wSANMIl70D</a> <a href="https://t.co/ZTnAMnMqJW" rel="noopener noreferrer nofollow">pic.twitter.com/ZTnAMnMqJW</a>— Cheds (Trading Quotes) (@BigCheds) <a href="https://twitter.com/BigCheds/status/1853096224431153479?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 3, 2024</a>
</blockquote>
On a positive note, Bitcoin formed a bullish divergence on the one-hour timeframe. This could treated as a bullish signal for the bulls since the bearish momentum might be weakening (at least in the short term).
The bearishness in yet to put a significant dent in trader sentiment, with the widey followed l"Fear and Greed" indicator still showing 74 out of 100 points. <a href="https://u.today/bitcoin-forms-terrifying-gravestone-doji-candle-on-weekly-chart" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

Bitcoin Forms Terrifying "Gravestone Doji" Candle on Weekly Chart

U_Today

Other articles published on Nov 3, 2024

Why Is Solana (SOL) Price Gaining Momentum? Key Insights Explained

DOGE Remains a Fan Favorite, Yet DOGEN’s Growth Potential to Reach $10 in a Month Catches Eyes

Trump vs. Harris: Will U.S. Elections Drive Bitcoin to a New All-Time High?

Trump Returns (TRUMPRET) Solana Memecoin Will Skyrocket 18,000% Before Exchange Listing, While Bo...

Trump Returns Solana Memecoin Will Skyrocket 18,000% Before Exchange Listings, While Bonk and Dog...

3 Altcoin Shaking Up the Market: Will the Rally Continue?

Join our free newsletter for daily crypto updates!