The year 2019, as predicted earlier by many analysts and speculators would bring many changes in the cryptocurrency industry. The variations and transformations are quite visible too. Whether the changes are connected with the new collaborations, government regulations, or price fluctuations. Everything is connected and creating a strong ecosystem for the new revolution.
April 2019, has already marked the turning point for the leading cryptocurrency Bitcoin (BTC) and the after effects on most of the other altcoins. The winter season for Bitcoin is started to fade from the past few weeks and crypto maven started to speculate its price that would reach from $10,000 by this year end. However, the volatility is still there as per the market sentiments.
Soon there would be a reversal expected to occur from the bullish trend to the bearish trend. There is a strong probability of going Bitcoin down to an extent that all the gains it made since February till date can be wiped out. The price has printed in the charts that show “half of an enormous evening star Doji pattern.” According to the famous analyst MagicPoopCannon.
With a market cap of over $92 billion, Bitcoin (BTC) is currently trading at $5,223.73 with 17,650,325 BTC circulating supply and $12,573,539,286 trading volume, at the time of writing, and as per Coinmarketcap data.
The analyst further says that” in spite of having seen the uptrend on the weekly chart and seven straight weeks of green candles, there is a probability of the downward trend because the current candle is showing a sign of “doji star” or “Bullish Doji Star Reversal Pattern.”
For the readers, it is important to know its meaning to understand the upcoming and likely bearish market trend. The “Bullish Doji Star pattern” is a three bar formation in the chart that develops after a down leg. The first bar has a long black body while the next bar opens even lower and closes as a Doji with a small trading range.
This means if the pattern runs in the same direction and the doji star is formed, then the coming week could face a reversal of the bullish market and all the gains that have seen since the breakout of Bitcoin (BTC) price above the weekly EMA (Exponential Moving Average) could be erased.