Bitcoin (BTC) created a bearish engulfing candlestick on July 5 but did not break down the following day.
It’s trading inside a longer-term range and a shorter-term symmetrical triangle.
BTC created a bearish engulfing candlestick on July 5. The next day, it attempted to initiate an upward move but only left a long upper wick in place (red icon).
However, the MACD did not give a bearish reversal signal, creating a higher momentum bar instead. In addition, the Stochastic oscillator made a bullish cross.