Bitcoin closes 7th red weekly candle for first time ever

2022-5-16 14:00

Bitcoin has closed its weekly candle down, thus making this the 7th week in a row that it has printed a weekly red candle.

Several times, it has trended down for many weeks on end. However, there have been brief moments of reprieve within those downturns not currently present in today’s market.

Source: TradingView

A red candle is when the price at the end of the designated timeframe, here a week, is lower than it was when the candle opened. Bitcoin needed to close above $33,928 to avoid the historic 7th weekly red candle.

While there has been a 22% upswing since the local bottom of $25,406, Bitcoin closed the week several thousand dollars below its target. Many believe the downturn indicates that we are now officially in a bear market.

According to top Wall Street analysts, there could be more pain ahead with the currently accepted correlation between traditional stocks and Bitcoin. Morgan Stanley Chief Investment Officer Mike Wilson claimed,

“stocks appear to have begun another material bear market rally. After that, we remain confident that lower prices are still ahead. In S&P 500 terms, we think that level is close to 3,400, which is where both valuation and technical support lie.” 

In 2014, Bitcoin went on a 14-week decline but experienced three green candles during the period. The green candles were far from bullish printing doji, star, and spinning top candlestick patterns often believed neutral in sentiment.

Source: TradingView

In this 14-week downward spiral, the green weekly candles were hours away from turning red. Regardless, this week is the only time there have officially been seven red weekly candles in a row. The price has also broken long term support at $29k, meaning many fear the price could drop further. with Rekt Capital posting,

“Much fanfare is surrounding the 7th consecutive red #BTC Weekly Candle

After all – it’s a first time ever occurrence

Most $BTC ever saw was five red Weekly Candles in a row

Neither of them marked out a generational bottom

They actually preceded further downside”

The post Bitcoin closes 7th red weekly candle for first time ever appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

RedCoin (RED) на Currencies.ru

$ 0.0002584 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0.0002584 - H: $0.0002584
Капитализация $19.152k Rank 999999
Доступно / Всего 74.108m RED

weekly candle bitcoin red 7th ever closes

weekly candle → Результатов: 126


Фото:

Ethereum Weakens as Analysts Eye Possibility of Major Downside

Ethereum is showing some signs of weakness as its price trades below $380 Breaking above this level was a significant technical development that caused many analysts and traders to flip bullish on the crypto As its weekly candle close fast approaches, however, bears seem to be regaining control over its near-term outlook There’s a high probability that this will cause it to see further near-term downside, potentially striking a blow to its macro market structure […]

2020-9-21 22:00


Фото:

Ethereum Approaches Key Resistance; Break Above Could Spark Move to $650

Ethereum has seen a strong rebound from its recent lows today, with its ongoing upswing coming about in tandem with the immense technical strength seen by Bitcoin. The aggregated cryptocurrency market is trending higher today, which is partially being driven by Bitcoin’s strong weekly candle close and the ongoing upswing seen in the stock market. […]

2020-9-15 00:00


Фото:

Ethereum to Post Bullish Weekly Close; Will This Invalidate Its Weakness?

Ethereum has expressed some signs of immense strength today, with its buyers catalyzing a sharp upwards movement that has allowed it to surge towards $420 The cryptocurrency’s momentum is leading it into its daily and weekly candle close with a strong market structure Analysts believe that this will be enough to help propel the crypto higher in the days and weeks ahead One analyst is noting that although ETH may face some resistance at $430, […]

2020-8-31 22:00


Why Analysts are Bullish on Bitcoin Despite Close Beneath Key $11,700 Level

Bitcoin has been flashing some mixed signs to investors as of late Despite seeing intense bullishness throughout the past week as it rallied from the lower-$10,000 region to highs of $12,000, analysts still remain cautious regarding where it may trend next Their present lack of bullishness is rooted in the cryptocurrency’s inability to close its weekly candle above $11,700 This is a historically important level that analysts were closely watching over the past couple of […]

2020-8-4 21:00


Analyst: this statistical model says there’s a 75% chance Bitcoin rallies even higher next week

Yes, the price of Bitcoin may have stalled over the past three days, stagnating around $7,500, but the cryptocurrency is still decisively bullish from a macro perspective, analysts say. In fact, should BTC close the weekly candle above $7,100 in approximately seven hours as of this article’s writing, this will be the sixth — yes, […] The post Analyst: this statistical model says there’s a 75% chance Bitcoin rallies even higher next week appeared first on CryptoSlate.

2020-4-28 17:00


Аналитики прогнозируют снижение цены биткоина в краткосрочной перспективе

По мнению ряда теханалитиков, цена биткоина, вероятнее всего, в ближайшее время скорректируется вниз. Однако спустя некоторое время рост продолжится. Так, согласно наблюдениям CryptoFibonacci «цифровое золото» в настоящее время торгуется заметно ниже диапазона $8600-8800, достигнутого на прошлой неделе.

2019-6-11 19:50


Фото:

Аналитики: в краткосрочной перспективе биткоин ждет коррекция

По мнению ряда теханалитиков, цена биткоина, вероятнее всего, в ближайшее время скорректируется вниз. Однако спустя некоторое время рост продолжится. Так, согласно наблюдениям CryptoFibonacci «цифровое золото» в настоящее время торгуется заметно ниже диапазона $8600-8800, достигнутого на прошлой неделе.

2019-6-10 18:32