The Belt-Hold candlestick pattern (or yorikiri as it is known in Japanese)
It is considered a minor trend reversal pattern that can indicate a bullish or bearish trend reversal, depending on the nature of the pattern and direction of the trend in which it appears.
The Belt-Hold pattern appears in a downtrend and is a potential bottom reversal pattern.
It consists of a single rising candlestick that also opens at or near its high and closes at or near its low.
The length of these candlesticks indicates a potential change is a sentiment, thus the pattern becomes more significant if depending on the size of the candlestick in this pattern
Characteristics of the Bullish Belt Hold Pattern
1. The Bullish Belt Hold Pattern typically signals a shift or transference in investor opinions, from bearish to bullish.
2. Since this pattern frequently occurs, it shows a mixed bag of results when it comes to predicting the future price of a stock.
3. The candlestick’s potency is boosted in case it forms around a support level, which includes moving averages, trend lines, or market pivot points.