🔥 Bitcoin Bullish Hammer Candlestick Signaling Bottom

With the last three-day bar closing yesterday, we can see that the market has printed a perfect bullish hammer candlestick. A bullish hammer candlestick pattern is recognized by the small green head and a long wick down.

Candlestick patterns are not always indicative when used by themselves, but in conjunction with other indicators they might offer more clarity in the markets. For example, the current bullish hammer candlestick pattern was printed during a period when the market was severely oversold on the RSI.

Hard to say how far this reversal can bring us. At the very least I think we have between 20% to 40% more upside from here, if all goes well.

Below you can find another few instances when the bullish hammer candlestick pattern signaled a reversal.