Bitcoin Avoids Posting Seven Consecutive Red Daily Candles
Bitcoin managed to rally again – but that doesn’t change the fact that Bitcoin avoids posting seven consecutive red daily candles. This happens for the sixth time ever.
But what does this mean.
Well, as many best cryptocurrency news sites showed, the last time BTC posted seven red daily candles in a row was the start of August last year. From July 29 to August 4 last year, BTC fell 15% from around $8,240 to $7,000. As it followed the streak of red daily candles, the following week failed to produce a recovery and the prices slid a further 15% before Bitcoin found its support at $6,00 back then.
To compare with, the start of September 2017 was also a period when BTC posted a full week of bearish daily candles after failing to hold above $4,500 after testing $5,000 for the first time. Then, BTC fell 30% over seven days and plummeted from $4,600 (September 8, 2017) to $3,200 (September 14, 2017). It is similar to now, when Bitcoin avoids posting seven consecutive red daily candles.
However, after that (in 2017), Bitcoin began producing a bullish recovery and broke to new all-time highs one month later. This is why analysts on many Bitcoin and altcoin news sites are now wondering if BTC can perform in the same way.
Another comparison from 2016 shows that at the start of that year, BTC posted eight consecutive days of bearish price action for the second time in the market’s history. This run saw BTC falling 21.8% from $460 (January 8, 2016) to $360 (January 15, 2016). The move proceeded with months of sideways consolidation with an approximately 20% range.
Before that, in 2014, BTC shed approximately 10% after seven days of red daily candles – followed by two weeks of sideways consolidation before a break-down of support led to an approximately two-month bear channel.
So, again, what does this all mean?
Well, the latest cryptocurrency news show that Bitcoin (BTC) may rise further. Even though Bitcoin avoids posting consecutive red candles, it managed to surge by 3% overnight and is now at $10,200 which is its price point from a couple of days ago.
So, Bitcoin is strong and its dominance is again at 67.6%. According to analysts, the price of BTC may surge further and the consolidation is strong. The momentum in which Bitcoin is right now, along with the market cap which rose to $270 billion and the daily volume of $65 billion ($17 billion of which was traded on BTC) are other significant factors which may drive the price of Bitcoin further upwards.
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