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Bitcoin price action over the weekend has been a virtual nail biter. The weekly candle closing red is the second red weekly close in a row, marking the first time this has occurred since Bitcoin price left its bear market bottom behind and the bull run first began. Since the start of February, only 9 out of 29 weekly candles have closed red. However, the first sign that bears may be taking over can been seen on weekly price charts.
The two back-to-back weekly closes are significant as it is the first consecutive weekly red candle close since the bull run first began back in April.
Before the two red weeks in late January, the other time Bitcoin price closed two red candles in a row prior to it, was at the December bottom.
Could two consecutive weekly red candle closes signal that a top is in? The weekly MACD has also recently turned bearish for the first time since the bottom was set and Bitcoin went on yet another parabolic rally. The market is currently indecisive, and the next major move should result in a clear choice in terms of short-term price direction.
On Monday and Tuesday, the leading cryptocurrency The cryptocurrency markets have been caught in the throes of immense volatility over the past All Rights Reserved.
The move dropped BTC back to support, keeping it range-bound, but the weekly candle close has been the best since early At the time of writing bitcoin was trading just below support at Bitcoin gains since its big pump last Monday have been eroded as the week has progressed. Currently under weekly resistance. Short term support flipped back to resistance on lower time frames. This is marginally higher than the weekly close in early July but there has not been one this high since early The daily chart still paints a picture of consolidation as range-bound trading extends into another week. Despite the bullish weekly close, there could be further downsides in a larger correction. Article source. The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider.
Bitcoin BTC and the aggregated crypto markets have climbed slightly today after facing significant downwards pressure over the past couple of days. This recent price action has signaled that canxle are currently in full control of the cryptocurrency, and without a major push by bulls, Bitcoin could face an incredibly weak weekly close that spells trouble for the weeks and months ahead.
Currently, there are only a handful of hours left until BTC closes its weekly candle, which in its current state looks incredibly weak. Chonis also spoke about this candle in a Tweet, weelly that a failure to bolster the weekly candle could lead to significantly further losses in the near-term. View the full article. You can post now and register later. If you have an account, sign in now to post with your account. Restore formatting. Display as a link instead. Clear editor. Upload or insert images from URL.
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Bitcoin Live : BTC Weekly Candle Close Stream. Episode 776 - Crypto Technical Analysis
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