First In Bitcoin History (or did it ever happen?)

[Jatiluhung]

i think this is the first time in bitcoin history that bitcoin made 8 red candles on weekly candle.
this shows the bear market is not over yet. because the seller still dominates the market. but it looks like the red candle is getting thinner. Will this be a sign that there will be a green candle in the next candle (next week)? and allows bitcoin to return to its bull market. or will continue the decline as many people fear.
but what is clear is this is the first time bitcoin has made a red candle 8 times in a row in a weekly candle.

what is this sign?

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[d5000]

First, this should be moved into the "Speculation" subforum, please give it a more meaningful title (and edit the image insertion as it's not shown currently. Thanks!

Second, Bitcoin does not have trading hours, so the "daily" and "weekly candles" don't really make sense, because depending on your timezone your candles will look different*. For example, the candles of the last three weeks have increasingly higher lows, although they also have lower highs. So what's currently happening is a triangle pattern pointing approximately to the price of ~29-29.5K.

What is true is that there was no strong bounce until now - which is a sign that traders are still "waiting" for something to happen, e.g. for a retest (and confirmation) of the lows, or of higher highs forming, at least for a dead cat bounce. I guess this is due that the Terra/Luna crash was shocking for many; it was a top altcoin and top stablecoin and many probably lost lots of money, so they need time to get over it.

I don't rule out a lower low this week, but I wouldn't bet on it either. The worst may be over for now, if we're in a mid-term bear market then we may have lower lows in 2-3 months and then "the real bottom".

*there may however be traders and trading bots which take them into account.

[adaseb]

It’s the first time in Bitcoin history. The previous week was tied once in the past. The stock market also had 8 week losing streak going back to 1932 or so.

Right now things are starting to get out of control. Especially considering how small we get any relief bounces. Before taking any large positions you need to sit it out and wait for a reversal. Because it can get ugly this week or next week. Especially with all these bad earnings.

[pooya87]

It doesn't really matter specially when you are looking at weekly candles but we had a pretty similar pattern in 2014 with 6 subsequent red candles and if you ignore the 2 tiny green ones (since they don't change the trend) or change the way you calculate weeks you end up with 13 subsequent red candles.

[Jatiluhung]

First, this should be moved into the "Speculation" subforum, please give it a more meaningful title (and edit the image insertion as it's not shown currently. Thanks!).

thanks for the correction. I've edited and moved it.

It doesn't really matter specially when you are looking at weekly candles but we had a pretty similar pattern in 2014 with 6 subsequent red candles and if you ignore the 2 tiny green ones (since they don't change the trend) or change the way you calculate weeks you end up with 13 subsequent red candles.

yeah like right. it's a bit more similar although there was a bit of strong resistance in a few weeks marked by a light green candle but as you said it didn't change the downtrend.

It’s the first time in Bitcoin history. The previous week was tied once in the past. The stock market also had 8 week losing streak going back to 1932 or so.

Right now things are starting to get out of control. Especially considering how small we get any relief bounces. Before taking any large positions you need to sit it out and wait for a reversal. Because it can get ugly this week or next week. Especially with all these bad earnings.

8 weeks ago the news was not too good either. starting from America's policy related to interest rates. followed by the recent incident with Luna Terra. it was enough to make investors panic.
but good news came from the microstrategy team namely Michael Saylor, the CEO, and Co-founder of Microstrategy as reported in cryptopolitan

Michael Saylor, the CEO, and Co-founder of Microstrategy, has allayed fears over the recent decline posted in the crypto market. According to the Microstrategy boss, this recent crash will position Bitcoin for greater things to come. Notably, the current crypto market crash has been ongoing for weeks, with more tokens joining the bearish party. The crash was triggered by fear due to the massive decline witnessed by Terra’s native token, LUNA, weeks ago.

note: Microstrategy holds more than 129,000 Bitcoin
And Michael Saylor predicts increased Bitcoin adoption.
Sourch Link

but still it is not clear to what extent this decline. and what is clear is that it is most likely after this crash that bitcoin adoption can be faster and more numerous

[Baofeng]

Yes, this is the first time that it happened, so it's a scary thought specially for those who just joined crypto in 2022 because it's seems that it's going to be a long an hard grind and we are indeed in crypto market.

Nevertheless, as per experienced, this might is good to see though, I mean for sure we can endured this kind of downward trend, or as others do, take advantage of the price ~$30k and buy. And it's better not to expect some big bounce this year or even in 2023, so that you will not have be frustrated or disappointed.

[slaman29]

Yes, first time. It was already first time last week with 7 continuous red candles, so now I guess they want to see how far they can go to make this record. 9 weeks? 10 weeks?

But Bitcoin is now 13 years old anyway, so records are meant to be made and broken.

Also I guess we can look back and say well, when you're down, nowhere to go except up right?

[davis196]

Yes, it happened for the first time in Bitcoin's history, but so what?
Would you even care about daily and weekly charts, if you are a long term BTC HODLer? Only the day traders and the noobs might get panicked due to the recent price patterns.
The world might be heading towards global stagflation or a new Great Depression, mixed with mass starvation in the underdeveloped countries.
The central banks will increase the interest rates, which means less money flooding the financial markets, which means less price bubbles and more price drops.
The stocks markets aren't performing any better than the crypto markets. There's going to be a long crypto winter, but the HODLers cannot be worried by this.

It’s the first time in Bitcoin history. The previous week was tied once in the past. The stock market also had 8 week losing streak going back to 1932 or so.

Right now things are starting to get out of control. Especially considering how small we get any relief bounces. Before taking any large positions you need to sit it out and wait for a reversal. Because it can get ugly this week or next week. Especially with all these bad earnings.

There's no point of spreading more FUD. Things might get worse, but they might get better(by "better" I mean staying at 30K).

[fzkto]

Now a lot of people talk about these red weeks, but if you switch the timeframe to monthly you will see that historically this has happened many times before. There are now only 2 red month candles in a row, although historically there have been more, even quite recently. So I don't think it says anything, except that we have a downtrend.

[jackg]

I think we're focusing too much on candles here that aren't too helpful.

April to June 2017 had 8 green weekly candles.
September to December 2020 had about 7 consecutive green closes too.
(I wasn't searching for a pattern and just picked these out randomly but...)


I've looked at months in the past and there are two times in history where we've closed 7-9 consecutive months in the red since 2014 (I was using months to find an average return and plucked that figure out of it quite easily a while ago - but I am remembering it from a while ago too so it might not be fully accurate now).

[ninis45]

nine candles in a row is the worst thing to happen to the bitcoin price right now but I hope there will be a change in the market next week and if we look at 1 hour time there are more green candles than red but this still shows the red candle seems to be stronger

[Lucius]

nine candles in a row is the worst thing to happen to the bitcoin price right now but I hope there will be a change in the market next week and if we look at 1 hour time there are more green candles than red but this still shows the red candle seems to be stronger

It depends on whether you are a buyer or a seller, because the former do not mind that this trend continues so that they can accumulate even more BTC at the lowest possible price. The problem for the little man is that he doesn't have the extra money to invest in anything because he has fallen victim to inflation that has diminished the value of his money - and unfortunately Bitcoin hasn't helped him if he invested during the bull run hoping the price would reach at least $100k.

Change for the better next week? If you don't know about some super good news that isn't yet publicly known, don't hope for better than what we have now - it's much more likely to expect an even bigger drop, but it's a reality and you shouldn't make a tragedy out of it.

[istiak2277]

It is not forex or the stock market. These candlestick patterns don't matter because they are different based on the user's location. You could get some info through these candlesticks like you are saying the red candle is getting thinner which means selling pressure getting smaller but those reversal patterns, pull back patterns that don't matter in the crypto marketplace. Good news or bad news could turn the market around.

[coolcoinz]

I don't see any significance in the number of red candles. I feel like the % drop and transaction volume are mor significant indicators of what's going on.
You can have a lot of red candles that barely move the price and you can have a single one that takes us down by 30% what would you rather have?

If you really want to get into details just check how much we were going down each week in 2018 and what volume that was and compare it to what's happening now.
In February 2018 we went down 30% in 1 week with volume reaching 70k bitcoins on bitfinex alone. In that "big crash" in May (which really wasn't big) the weekly volume was just 10k bitcoins. This tells a lot about how much supply is being held and how little is being used to determine fiat price. The market is much more mature.

[hatshepsut93]

I don't see any significance here. It's not exactly news that we're in the bear market, and judging by previous patterns, bull market could be expected after the next halvening. First time 8 consecutive weekly candles? There's a first time for everything. Bitcoin price still hasn't crossed any critical price levels that would indicate that the market is in worse state than you could expect from a typical bear market.

[STT]

I remember 2014 being quite a dead zone and note that low there, kinda amazing.   The low was quite close to a prior high if I remember right because Im sure I used up BTC in the hundreds within that mindset, long time ago but relevant to now in that we probably mark out lows with some reference to prior highs.

If we are going to consider 'ever' and time lines over a decade then correct context is likely monthly bars not weekly so see how the picture looks when doing that, we may get more clarity.
   For sure we have a convergence of bearish factors and BTC was already in a technical pullback so its an unholy trinity of pain.  In the end its there to test people and my perspective though quite bleak like 2014 the road continues on beyond the visible horizon and our view is too short to take this negativity absolutely.

[adaseb]

When we get these 8 or 9 weekly red candles it’s not a good thing because it means there are no buyers. The lower the price goes the more people will sell and others will be afraid to buy.

Some are saying it’s bullish because BTCUSDLONGS on Bitfinex is hitting record highs however if you look in the past they generally add whenever there is a big dip, and it can keep on dipping before it actually reverses. So if we head to $20k those longs will keep going up also.

[dimonstration]

Yes this is the first time that those long consecutive red candle occur on Bitcoin weekly chart but do you consider the long consecutive green candle before that red candle occur? Zoom out a bit of your chart and you will clearly see what's really going on in Bitcoin and what's the sign you are looking for. Check the image above for the green candle counter part of your post. I believe thinner candle will follow huge volume candle base on the previous price movement of Bitcoin that I first enclose.

[cabron]

Will this be a sign that there will be a green candle in the next candle (next week)? and allows bitcoin to return to its bull market. or will continue the decline as many people fear.
what is this sign?

Could be red still because the bear market isn't over. If you add the RSI indicator, its telling us price will still go down.  Not a good thing to say that it will  climb up very soon because, watching the speculations of few analyst, they were just positive in bottom price to  be in the areas of $20,000-$25000.
This bear market is really squeezing the peoples money out of our pocket. Hard to last in bear if all your money is only in crypto, 

[BITCOIN4X]

~Snip

The red candle indicates that a down-trend has occurred in the last 8 weeks regardless of your time zone. I never know if it's the first time in history, but I'm sure it's not something that means bad for bitcoin. The down-trend isn't over yet, that's possible but stay positive because it's actually a good time to buy and hold on to it for the long term. Try to buy on every drop for whatever you can afford to lose, it will benefit you in the long term as I believe higher ATH awaits in the future. DWYOR

But remember, don't take anything that people suggest as financial advice, you must stay focused on your stance based on the analysis you make. So far I'm trying to buy it and hold it for the long term, hopefully it will benefit me in the long term. I'm very sure about that.