4-Hour Chart BTC Coinbase
TrendLine Break
The 4-Hour chart on BTC is showing a bullish Hammer. A good sign for a reversal of the trend in the short term. I'll be watching for the upper trendline to break on the BTC daily chart for bullish confirmation at 8961. What other indicator do you watch to confirm a trend reversal?
Hammer
"The Hammer is an extremely helpful candlestick pattern to help traders visually see where support and demand are located. After a downtrend, the Hammer can signal to traders that the downtrend could be over and that short positions could potentially be covered. However, other indicators should be used in conjunction with the Hammer candlestick pattern to determine potential buy signals, for example, waiting a day to see if a rally off of the Hammer formation continues or other chart indications such as a break of a downward trendline. But other previous day's clues could enter into a trader's analysis. An example of these clues, in the chart above of AIG, shows three prior day's Doji's (signs of indecision) that suggested that prices could be reversing trend; in that case and for an aggressive buyer, the Hammer formation could be the trigger to potentially go long." commodity.com
Happy Trading! - 3rd Dog
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