Yesterday, we reported that Bitcoin (BTC) wasn’t looking all too hot. As pointed out by analyst Joe McCann, for the first time in four-odd weeks, BTC’s upward momentum has slowed dramatically, with the recently-closed candle looking rather skimpy. Or in other words, “the weekly chart [is] looking at bit out of gas for Bitcoin.”
What’s equally as harrowing is that there has been a large drop off in market volumes, signifying that bulls aren’t ready to pick up the slack, and shows signs of market indecisiveness. But more importantly, the weekly candle has taken the form of a Doji, a special candle formation that is marked by a skinny body (similar open and close price) and long wicks, meaning that the asset in question traded in a large range. Dojis often signifies the end of a trend.