Bitcoin Marks Seven Consecutive Red Candles, Paints Gruesome Picture For Market
16 Mai 2022 - 7:00PM
NEWSBTC
Bitcoin has now entered perhaps one of its most bearish periods
ever. The cryptocurrency which has held up quite nicely through all
of the market scandals is seeing even more bad news ahead.
Previously, it has seen a good number of consecutively red closes
that have solidified its entrance into a bear market. However, this
time around, it seems that the digital asset is ready to set
another record, but this time for the worse. Seven Red Candles
Anyone that has been following the market recently knows that
Bitcoin has been seeing multiple consecutive red closes. This has
not been a cause for alarm though since the digital asset has a
history of marking bearish trends like these and still coming out
on top. But this would prove to be a trend like no other after the
cryptocurrency had seen its 7th consecutive red close. Related
Reading | Bitcoin Recovers Above $30,000, Has The Bottom Been
Marked? This would make it the first time in history that bitcoin
is marking such a trend. However, what is even more important is
what seven consecutive red candles mean for the cryptocurrency.
With the digital asset still being a seller’s market, a close like
this could trigger even more sell-offs as investors worry about the
future of the coin in the short term. Furthermore, with so many red
candles showing on the charts, it could indicate that there is more
downtrend left to follow. An example of this was marked in the 2014
bear market that saw bitcoin record four consecutive red closes.
What had followed was a single green close that would prove to give
way to an even more brutal downtrend. Now, if bitcoin were to
mirror this move from 2014, then another plunge below $30,000 may
be imminent. BTC declines to $29,500 | Source: BTCUSD on
TradingView.com Not All Bad News For Bitcoin While seven
consecutive red closes can often paint a bearish picture, this is
not always the case. It is well-known that the digital asset can
record the most bearish patterns right before recovery. Oftentimes,
a tremendous recovery. An example of this was in August of 2018
when the market had marked six consecutive red closes. Since the
market had been in a stretched-out bear market at that point, it
was assumed that what would follow this could only be more losses.
However, this would prove to not be the case as the digital asset
had gone on to record five consecutive green closes. Related
Reading | Investors Make For Stablecoin Hills As USDT Volume
Touches All-Time High Now, this was not the start of the next bull
market but it showed that as much as these trends can signify more
downtrends to come, they can also be a precursor of a good
recovery. Expectations for bitcoin this time around are great as
the digital asset has been able to now break above $30,000,
although it has trouble maintaining its position above this point.
The price of BTC is trending around $29,600 at the time of this
writing. This puts it slightly above its 5-day simple moving
average but continues to show bearish trends across other
indicators. Featured image from Cryptonaute, chart from
TradingView.com
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