Bull Engulfing + RSI<30 Candle ( Bull & Spot Market )
Signal Name: Bullish Engulfing Candle (Spot Market)
About:
This signal is generated from the TradingView Crypto Scanner Platform to identify potential bullish opportunities in the spot market. When the specific formula conditions are met, the system sends a buy signal every 30 minutes, helping traders capture upward momentum.
Formula:
Bullish Engulfing + RSI < 30
What is a Bullish Engulfing Candlestick?
A bullish engulfing candlestick is a strong reversal pattern that often signals a shift from a bearish to a bullish trend in the market. This pattern comprises two candles, with the latter bullish candle completely engulfing the previous bearish candle, showing significant buying pressure.
When combined with an RSI below 30, it indicates an oversold condition and strengthens the likelihood of a bullish reversal.
This signal is most effective in the spot market and works well across time frames like 30m, 1H, and 4H, making it a versatile tool for identifying reversal points in downtrending markets.
Note: This signal is intended for educational purposes only and does not constitute investment advice. Ensure proper risk management practices are in place before executing trades.
