What is a Shooting Star Candlestick in Bitcoin Trading?
What Does a Shooting Star Candle Indicate? Definition of a Shooting Star Candlestick
Shooting Star candlestick setups represent a bearish reversal pattern. This occurs at the peak of a trend.
The Shooting Star candlestick pattern appears at the peak of an uptrend. Here, bitcoin opens at its low price, rallies upward but is pushed back down to close near its opening price.
What is a Shooting Star Candlestick in Crypto Trading? - Shooting Star Candle Pattern
Crypto Candlesticks Pattern
A sell trade is confirmed once a candle closes below the neckline, which is defined by the opening price of the candle located to the left side of the pattern. In this context, the neckline functions as a support level.
Set stop orders for sell crypto trades a few pips above the recent high price.
The Shooting Star candlestick looks like a star at the peak of a Bitcoin uptrend. That's why it has that name.
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