Shooting Star
A shooting star is a bearish candlestick pattern with a small body at the bottom and a long upper wick (at least 2x the body). It forms after an uptrend and signals potential reversal.
Understanding the Concept
The shooting star shows buyers tried to push higher but got rejected hard. Price wicked up during the session but sellers slammed it back down near the open. That rejection of higher prices is bearish. It's the inverse of a hammer. The longer the upper wick, the stronger the rejection. Works best at resistance levels. Always wait for confirmation—the next candle should close lower. A shooting star at all-time highs is a serious warning sign.
Real-World Example
Solana rallies to $150, then forms a shooting star: opens at $148, spikes to $158, but closes at $149. The long upper wick shows the $158 level got rejected. Next day's red candle confirms sellers are in control.
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