This is the 7th week in a row that the currency has printed a weekly red candle, making it the 7th week in a row.
It has gone down for many weeks on end. There have been brief moments of reprieve within those downturns that are not currently present in today s market.
A red candle is when the price is lower than it was when the candle was opened at the end of the designated timeframe. To avoid the 7th weekly red candle, the price of bitcoin needed to close above $33,928.
Since the local bottom of $25,406, there has been a 22% increase in value.Bitcoin closed the week several thousand dollars below its target. Many believe that the downturn indicates that we are now in a bear market.
There is a possibility that there will be more pain ahead with the accepted correlation between traditional stocks andBitcoin, according to top Wall Street analysts. Mike Wilson, Chief Investment Officer at Morgan Stanley, claimed.
In 2014, the price of digital currency 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 that were often believed to be neutral in sentiment.
The green weekly candles were hours away from turning red in this 14 week downward spiral. This week has been the only time that there have been seven red weekly candles in a row. The price has broken the long term support at $29 k, so many fear the price could drop further. After all it s a first time occurrence Most BTC ever saw was five red Weekly Candles in a row Neither of them had a generational bottom They actually preceded further downsides