Correction Inevitable? Bitcoin Paints a ‘Shooting Star’ Pattern on Key Timeframes

The new weekly and monthly Bitcoin price candle kicked off with a powerful move to the upside, but yesterday was rejected with force.

Although it is extremely early in each trading session, the recent price action has left behind a Shooting Star doji on weekly and monthly timeframes, which could signal that a larger correction is inevitable.

Early Session Bullish Advance Rejected Back Down By Bears

Over the last three months, Bitcoin has climbed from lows set on Black Thursday at $3,800 to as high as $10,400. Despite over an over 150% climb, the leading cryptocurrency by market cap continues to struggle with resistance above $10,500.

After Sunday night’s important weekly and monthly close – which arguably closed bullish – Bitcoin price surged to over $10,000 in an over $600 move that took less than one hour to play out.

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