BTC, ETH, BNB flash a bearish signal

Richard Fetyko, CEO and Founder of altFINS:

Yesterday was a nasty reversal day.

Day started off well, prices were up nicely, then selling began and prices were pushed back to their opening levels by the end of the day.

This formed a bearish candlestick: Gravestone Doji, which looks like this.

And as the name suggests, it ain’t good news near-term. (unless you want to end up in the grave)

Here’s an example: BTC (Bitcoin)

BTC has reached $74K resistance again but the Gravestone Doji could signal yet another rejection.

We have a tutorial on Gravestone Doji here.

It's even more bearish signal when it happens after several up (green) candles, like it has.

If prices close in the red today (red candle), then this forms what we call a Perfect Gravestone Doji.

From my experience, that candlestick pattern has a very high success rate (75%+) and is typically followed by a couple of down days at least.

That actually also makes sense in the current macro / geo-political context (higher oil prices = higher inflation = higher interest rates).

You can find assets with a bearish Gravestone Doji and a Perfect Gravestone pattern in the Signals Summary page:

As you can see, there are 211 assets (out of 2,000 or so tracked) that had a bearish Gravestone Doji yesterday! (here's a link to that market scan)

That's a warning signal worth paying attention to.

There were also 11 Perfect Gravestone patterns as well, and after today, there's likely to be far more. (here’s a link to live market scan results).

Moreover, if a Gravestone Doji appears near resistance and in a Downtrend, that increases the likelyhood of a rejection and pullback.

So I added the "Approaching Resistance" and Downtrend filters to that Gravestone Doji market scan. Here's the combined market scan. Check it to see if your coins are on that list.

You can save this filter (click on Edit, then Save As) and/or make an Alert for it (click on alert bell icon).

BNB (Binance Coin) is on that list (Downtrend + Approaching Resistance + bearish Gravestone Doji).

By the way, note in the chart how that Gravestone Doji worked out last time on Feb 21st. Price declined 10%.

And if you have a watchlist or portfolio, you can check how many of your coins have had this bearish signal appear:

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