This Textbook Indicator Hints a Sharp Bitcoin Trend Reversal4

The bullish outlook for bitcoin improved exceptionally in the second quarter of 2019 as the cryptocurrency surged by more than 165 percent. But according to a crucial technical indicator, a sharp reversal is underway.

Prominent market analyst Josh Rager spotted Shooting Star — a candlestick pattern in which an open, low, and close, are virtually the same — on a weekly bitcoin chart. Rager called the Shooting Star pattern a “sign of a bearish reversal,” further confirmed by a long upper shadow towards the week’s peak level of $13,868.44, as shown in the chart below.

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