Bitcoin (BTC) Creates Sixth Consecutive Bearish Weekly Candlestick for First Time Since 2014

2022-5-9 09:57

Bitcoin (BTC) has been falling at an accelerated rate since May 4 and is in the process of breaking down from a long-term structure.

Bitcoin has been falling since reaching an all-time high price of $69,000 on Nov. 10, 2021 (red icon). The downward move was briefly halted after it reached a local of $32,917 on Jan. 23, 2022. The rebound that followed served to validate the line of a potential ascending parallel channel.

This led to a local high of $48,189 at the end of March, but the price has been falling since. So far, it has reached a low of $33,267, which is very close to the yearly low of $32,917.

BTC is currently in the process of breaking down from the ascending parallel channel that’s been in place since May 2021. A breakdown from such a long-term structure could lead to the acceleration of the downward movement.

Additionally, it’s worth noting that BTC has generated six successive bearish candlesticks, which is the most since 2014. There have never been seven successive bearish candlesticks.

BTC/USD Chart By TradingView Bearish readings

Technical indicators in the weekly time frame are bearish. Both the weekly RSI and MACD are falling, and the latter has just crossed into negative territory (red icon). The MACD has also generated 21 consecutive bearish bars.

While there is a potential bullish divergence developing in the RSI (green line), it’s quite small and has yet to be confirmed.

BTC/USD Chart By TradingView Fractals

The indicator readings share some similarities to the movement in both 2018 and March 2020 (red icons). The similarities come from the MACD cross into negative territory and at least 21 successive bearish momentum bars.

Due to the lower RSI reading, the current attributes are slightly closer to those in 2020 than those in 2018.

While both movements were quite close to bottoms, BTC had yet to reach a bottom in 2018 but had already done so in 2020.

BTC/USD Chart By TradingView Future BTC movement

Finally, the daily time frame shows that BTC has broken down from a short-term ascending parallel channel that had previously been in place since Jan. 24. 

Besides the possibility of a double bottom pattern near $32,000, there are no bullish signs in place.

BTC/USD Chart By TradingView

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here

The post Bitcoin (BTC) Creates Sixth Consecutive Bearish Weekly Candlestick for First Time Since 2014 appeared first on BeInCrypto.

origin »

Bitcoin (BTC) на Currencies.ru

$ 102390.93 (+0.21%)
Объем 24H $45.744b
Изменеия 24h: -2.25 %, 7d: -2.32 %
Cегодня L: $101581.06 - H: $102434.72
Капитализация $2029.16b Rank 1
Цена в час новости $ 33539.36 (205.29%)

bitcoin btc time 2014 creates sixth candlestick

bitcoin btc → Результатов: 126


MicroStrategy Strikes Again: $100 Million Bitcoin Purchase Signals Strong Market Confidence

MicroStrategy, the major enterprise software company that has evolved into a Bitcoin (BTC) investment platform, has captured attention once again with its latest purchase of $101 million in BTC. The company, led by chairman and co-founder Michael Saylor, has committed to utilizing perpetual preferred stock, common shares, and debt to fuel its ongoing Bitcoin purchasing strategy.

2025-1-7 06:00


Фото:

El Salvador now holds 6,000 BTC: can Bitcoin success story sustain?

El Salvador, the pioneering nation that made Bitcoin legal tender in 2021, has surpassed 6,000 BTC in its treasury, valued at $561.3 million as of the latest update. This milestone represents not only a strategic accumulation effort but also a bold economic experiment under President Nayib Bukele’s leadership. With a 105% unrealised return on its […]

2024-12-30 09:51


Фото:

El Salvador rings in Christmas 2024 with a Bitcoin twist

El Salvador continues to showcase its unwavering commitment to Bitcoin, doubling down on its cryptocurrency strategy despite stringent restrictions imposed by the International Monetary Fund (IMF). On 19 December 2024, the country purchased an additional 11 Bitcoin (BTC), valued at over $1 million, pushing its total reserves to nearly 6,000 BTC. This comes on the […]

2024-12-24 17:26


Фото:

Bitcoin Rally Set To Extend? Expert Foresees A $110,000 Price Target For BTC

The general cryptocurrency community is brewing with excitement and optimism following Bitcoin’s rally to a new all-time high on Monday. Despite the significant price growth, there are speculations that the uptrend may not be ending anytime soon, suggesting BTC’s potential for more increases to higher levels or milestones. Next Big Milestone For Bitcoin On The […]

2024-12-17 17:30


3 tokens on track for new all-time highs like Tron (TRX) and Bitcoin (BTC)

The crypto market has witnessed a number of tokens rallying toward new all-time highs (ATHs), including notable players like Bitcoin (BTC) and Tron (TRX). Despite some setbacks, such as the US government transferring nearly $2 billion worth of Bitcoin, BTC has remained resilient, triggering a massive impulsive move that saw it reach an ATH of […] The post 3 tokens on track for new all-time highs like Tron (TRX) and Bitcoin (BTC) appeared first on CoinJournal.

2024-12-15 21:58