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The Shooting Star is a popular pattern widely followed by traders. The simplicity of this single candle pattern helps make it popular.
The Shooting Star will have a long wick emerging from the top of a small body. This means that prices opened in the lower portion of the candle’s range, traded to new highs, then immediately retraced closing near the open.
The color of the body is insignificant to identifying the pattern. When spotted, the shooting star alerts crypto traders to the end of a bullish trend.