Bearish In-Neck Continuation Cryptocurrency Chart Pattern.

Crypto Candlestick Chart Pattern Recognition: Bearish In-Neck Continuation pattern

By analyzing the most recent OHLCV price movements of the last days. Daily updated!

Bearish In-Neck Candlestick Pattern

The Bearish In-Neck is a continuation candlestick pattern indicating that the current downtrend is likely to continue. It consists of two candles: a long bearish candle followed by a smaller bullish candle. This pattern is significant in a prevailing downtrend and suggests a brief pause before the continuation of the selling pressure.

Characteristics of the Bearish In-Neck Pattern:

• The first candle is a long bearish one, indicating strong selling pressure.
• The second candle is a smaller bullish one, but not enough to counteract the previous bearish sentiment.
• The second candle opens below the first candle's close, signaling that the bearish momentum is still in play.
• The second candle's close is near or slightly above the first candle’s close but remains below its open, suggesting only a temporary halt in the downtrend.

In the Bearish In Neck function:

• The down Candle function checks if the first day is a bearish candle.
• The up Candle function checks if the second day is a bullish candle.
• Conditions are set to ensure that the second day's open is lower than the first day’s close, and its close is near or slightly above the first day’s close but remains below its open.

Investors and traders should be cautious as the Bearish In-Neck pattern is an indication that the selling pressure is about to resume. It is advisable to look for additional confirmation through other technical indicators or chart patterns before making a trading decision. This pattern serves as a warning to those looking to go long to wait for more bullish signals or for those already in a short position to potentially hold or increase their position.