Bitcoin narrowly escapes a crucial breakdown. | Picture: Shutterstock
Bitcoin (BTC) has rallied to realize almost 5% in as many hours, narrowly avoiding posting seven consecutive crimson each day candles for the sixth time ever.
The final time that BTC posted seven crimson each day candles in a row was heading into the beginning of August 2018.
From July 29 to Aug. four of final 12 months, BTC fell 15% from roughly $eight,240 to $7,000. Following the streak of crimson each day candles, the next week failed to provide a restoration, with costs sliding an additional 15% earlier than discovering assist at $6,000.
Bitcoin Has Posted Seven Consecutive Crimson Day by day Candles 5 Instances
This previous week’s value motion includes the sixth occasion wherein BTC has posted seven crimson candles consecutively since 2011.
Firstly of September 2017, BTC posted a full week of bearish each day candles after failing to carry above $four,500 after testing $5,000 for the primary time.
The transfer noticed the value of bitcoin fall 30% over seven days, plummeting from $four,600 on Sept. eight earlier than discovering assist at $three,200 on Sept. 14. Nonetheless, the markets instantly started to provide a bullish restoration, earlier than breaking into new all-time highs one month later.
The second week of 2016 noticed BTC submit eight consecutive days of bearish value motion for simply the second time available in the market’s historical past.
Chart: TradingViewThe run noticed BTC’s value fall 21.eight% from $460 as of Jan. eight to $360 as of Jan. 15. The transfer precipitated roughly 4 months of sideways consolidation inside an roughly 20% vary.
BTC Produces Two Separate Weeks of Consecutive Bearish Momentum in 2014
The tip of July 2014 noticed BTC shed roughly 9.three% throughout seven days of crimson each day candles, with costs falling from $620 on July 24 to check assist at $563 on July 30.
Chart: TradingViewThe transfer was adopted by two weeks of sideways consolidation, earlier than a break-down of assist led to an roughly two-month bear channel all the way down to $280.
Throughout March 2014, BTC posted eight consecutive crimson each day candles for the primary time. Costs fell 12.6% in a single week, dropping from $640 on March 16 to $557 on March 23. After just a few days of sideways consolidation, costs continued to interrupt down – dropping beneath $350 4 weeks later.
Final modified (UTC): September 19, 2019 11:34 PM