A Shaven Head Candlestick is similar to the Hammer Candlestick, with the key difference being that there is no head on the candle.
It consists of a bullish or bearish candlestick with a small body at the candle high, with no head and a long tail.
It is considered a bullish pattern when preceded by a downward trend or when the market is oversold or at a point of support.
If the interval's opening price is also its lowest price (forming a bullish candlestick), the bulls have dominated the trading period. Whether the flight is clipped or lengthy, the price has soared upwards. It never drops below the opening price.
If the interval's closing price is also its lowest point, the day has been defined by bearish sentiment.
Although it may have bounced around at the start, the price at the end of the day was also the lowest price of the day.
Sometimes the Shaved Bottom pattern acts as a bottom reversal signal.
As a one-candle signal, the Shaved Bottom is both unreliable and extremely common.
Although not typically used as an indicator on its own, check to see if it is part of a larger candlestick pattern.