Bitcoin price just touched $46,000 for the first time in months following the worst second quarter selloff on record. The push has continued beyond yesterday’s weekly close – a pivotal close that left behind an extremely bullish battle call. The pattern, called “Three White Soldiers,” is often the sign of a powerful uptrend brewing, but it often arrives with a feign of weakness. Here is more about the potentially important pattern and what it could mean for the current crypto market cycle. Bitcoin Bulls Prepare For Battle With Three White Soldiers Pattern Bitcoin price recently took a bullish turn after spending weeks grinding at support around $30,000. Repeated failure by bears to push prices lower gave bulls the confidence to make close to a 50% recovery from highs set earlier in the year. Three full weeks of uptrend confirmed with last night’s weekly close has formed a bullish Japanese candlestick pattern called “Three White Soldiers.” Related Reading | The Idea That The Bitcoin Bottom Is In Is Broadening According to Investopedia, Three White Soldiers “suggests a strong change in market sentiment” and is characterized by three similarly sized candle bodies in a row. It is “important to note that the strong moves higher could create temporary overbought conditions,” the site continues. If the pattern is valid, a short term retracement could result, followed by...
