I was looking at the monthly chart this morning and thought of your post. There are sort of three black crows, although it's difficult to describe them as long-bodied candlesticks.
More importantly, what about the three white soldiers that came directly before?
I am not sure how do you use the three candle set-up, but to me I only take it seriously when it shows reversal of trend direction, the three white soldiers you show in your chart were present in a natural trend direction (up) so they are kind of irrelevant, the real three white soldiers were the candles of Feb,March and April , and they worked out very well, the market went up more than 150% after April candle closed, these three black crows I am pointing out has every characteristic that determines a trend reversal
1-They came up after about a movement of 315% to the upside
2-The wicks show strong rejection to the down side
3-RSI was very close to critical a resistance on the monthly (67)
and by the way, the best way to use the three set-up candle is along side with RSI , at least based on my personal experience.
Do you remmeber my topic (
ichimoku cloud says 3100$ is the cheapest bitcoin will ever be) ?
I have been taking the cloud very seriously, and guess where we at now?
![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FFHPffyD.png&t=663&c=aHH_9mjsGEK8mg)
According to history, we must test the top of the cloud before making any higher highs, and guess where at is ?6500$ , does that match your Fib 0.705?
The cloud also tells another story , it says , bear/sideways market till 11/11/2019 , this is based on the fact that until we pass the ichimoku resistance, there should no movement to the upside, check 2016 you will get a better clue.
Again out of all these analysis, I still stand by the 20SMA on the weekly , and I still take this as a bear market until it's broken to the upside.