Bearish Side-By-Side White Lines Continuation Cryptocurrency Chart Pattern.

Crypto Candlestick Chart Pattern Recognition: Bearish Side-By-Side White Lines Continuation pattern

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

Bearish Side-By-Side White Lines Candlestick Pattern

The Bearish Side-By-Side White Lines is a pattern indicating a potential bearish reversal or consolidation after a strong uptrend. It is a rare pattern characterized by two consecutive bullish candles that appear after a bearish candle, with the second bullish candle opening at or near the same level as the first.

Formation of the Bearish Side-By-Side White Lines Pattern:

• The pattern begins with a bearish candle, indicating sellers are in control.
• A bullish candle follows, gapping up from the bearish candle, suggesting a strong buying momentum.
• Another bullish candle appears beside the previous bullish candle, opening at or near the same level, indicating a continuation of the buying momentum but also a hesitation to push prices higher, leading to a consolidation or potential reversal.

In the Bearish Side By Side White Lines function:

• down Candle($first_day) ensures the pattern begins with a bearish candle.
• up Candle($second_day) checks for a subsequent bullish candle.
• up Candle($third_day) ensures another bullish candle follows.
• gapped Up($first_day, $second_day) confirms that the first bullish candle gaps up from the bearish candle.
• The condition ($third_day['open'] > $second_day['open']) && ($third_day['close'] > $second_day['close']) ensures that the second bullish candle is indeed bullish and appears beside the first bullish candle.
• The tolerance value $epsilon is used to allow for a small difference in the opening prices of the two bullish candles, considering the volatility and price fluctuations in the market.

This pattern is indicative of a potential halt in the upward momentum, leading to a period of consolidation or a bearish reversal. Traders often keep an eye on subsequent candles and other technical indicators to confirm the change in trend or a consolidation phase.