Overview
- This will be a shorter idea so that we can get a better look at this candlestick pattern
What is a Bullish Hammer?
- Can help indicate reversal points
- Can close red or green and candle body must be 2x the size of the wick (longer the better)
- Best to be used in a downward trend
- Volume can help confirm reversal or if next candle is green
So What Does This Mean?
- Well, OXT is currently on a downtrend so you can check that off the list.
- The wick is definitely longer than 2x the candle body so another check.
- According to coinmarketcap.com the volume is up 20% in the last 24 hrs. so check #3
- By having all these checked, price could reverse to higher prices but in order to confirm this, the next candle is needed
- Must also remember that one should not trade solely based off these candles as anything can happen in these markets
If you guys enjoyed this analysis or learned something new, please like this post so more people can be aware of the possibilities of this coin.
As always, if you're invested in this asset or just interested in the price action, feel free to follow for DAILY UPDATES for this coin.
Would also like to know your thoughts! Remember this is not financial advice, however, it is an overview of what I am seeing in this coin's price action.
-Happy Trading
- This will be a shorter idea so that we can get a better look at this candlestick pattern
What is a Bullish Hammer?
- Can help indicate reversal points
- Can close red or green and candle body must be 2x the size of the wick (longer the better)
- Best to be used in a downward trend
- Volume can help confirm reversal or if next candle is green
So What Does This Mean?
- Well, OXT is currently on a downtrend so you can check that off the list.
- The wick is definitely longer than 2x the candle body so another check.
- According to coinmarketcap.com the volume is up 20% in the last 24 hrs. so check #3
- By having all these checked, price could reverse to higher prices but in order to confirm this, the next candle is needed
- Must also remember that one should not trade solely based off these candles as anything can happen in these markets
If you guys enjoyed this analysis or learned something new, please like this post so more people can be aware of the possibilities of this coin.
As always, if you're invested in this asset or just interested in the price action, feel free to follow for DAILY UPDATES for this coin.
Would also like to know your thoughts! Remember this is not financial advice, however, it is an overview of what I am seeing in this coin's price action.
-Happy Trading
