{"id":490575,"date":"2022-05-16T17:00:54","date_gmt":"2022-05-16T17:00:54","guid":{"rendered":"https:\/\/wncen.com\/?p=490575"},"modified":"2024-06-11T14:19:53","modified_gmt":"2024-06-11T14:19:53","slug":"bitcoin-marks-seven-consecutive-red-candles-paints-gruesome-picture-for-market","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-marks-seven-consecutive-red-candles-paints-gruesome-picture-for-market\/","title":{"rendered":"Bitcoin Marks Seven Consecutive Red Candles, Paints Gruesome Picture For Market"},"content":{"rendered":"

Bitcoin has now entered perhaps one of its most bearish periods ever. The cryptocurrency which has held up quite nicely through all of the market scandals is seeing even more bad news ahead. Previously, it has seen a good number of consecutively red closes that have solidified its entrance into a bear market. However, this time around, it seems that the digital asset is ready to set another record, but this time for the worse.<\/p>\n

Seven Red Candles<\/h2>\n

Anyone that has been following the market recently knows that Bitcoin has been seeing multiple consecutive red closes. This has not been a cause for alarm though since the digital asset has a history of marking bearish trends like these and still coming out on top. But this would prove to be a trend like no other after the cryptocurrency had seen its 7th consecutive red close.<\/p>\n

Related Reading |\u00a0Bitcoin Recovers Above $30,000, Has The Bottom Been Marked?<\/a><\/strong><\/em><\/p>\n

This would make it the first time in history that bitcoin is marking such a trend. However, what is even more important is what seven consecutive red candles mean for the cryptocurrency. With the digital asset still being a seller\u2019s market, a close like this could trigger even more sell-offs as investors worry about the future of the coin in the short term.<\/p>\n

Furthermore, with so many red candles showing on the charts, it could indicate that there is more downtrend left to follow. An example of this was marked in the 2014 bear market that saw bitcoin record four consecutive red closes. What had followed was a single green close that would prove to give way to an even more brutal downtrend. Now, if bitcoin were to mirror this move from 2014, then another plunge below $30,000 may be imminent.<\/p>\n

\"Bitcoin<\/p>\n

BTC declines to $29,500 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Not All Bad News For Bitcoin<\/h2>\n
While seven consecutive red closes can often paint a bearish picture, this is not always the case. It is well-known that the digital asset can record the most bearish patterns right before recovery. Oftentimes, a tremendous recovery.<\/p>\n
An example of this was in August of 2018 when the market had marked six consecutive red closes. Since the market had been in a stretched-out bear market at that point, it was assumed that what would follow this could only be more losses. However, this would prove to not be the case as the digital asset had gone on to record five consecutive green closes.<\/p>\n
Related Reading |\u00a0Investors Make For Stablecoin Hills As USDT Volume Touches All-Time High<\/a><\/em><\/p>\n
Now, this was not the start of the next bull market but it showed that as much as these trends can signify more downtrends to come, they can also be a precursor of a good recovery. Expectations for bitcoin this time around are great as the digital asset has been able to now break above $30,000, although it has trouble maintaining its position above this point.<\/p>\n
The price of BTC is trending around $29,600 at the time of this writing. This puts it slightly above its 5-day simple moving average but continues to show bearish trends across other indicators.<\/p>\n
Featured image from Cryptonaute, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has now entered perhaps one of its most bearish periods ever. The cryptocurrency which has held up quite nicely through all of the market scandals is seeing even more bad news ahead. Previously, it has seen a good number of consecutively red closes that have solidified its entrance into a bear market. However, this time around, it seems that the digital asset is ready to set another record, but this time for the worse. Seven Red Candles Anyone that has been following the market recently knows that Bitcoin has been seeing multiple consecutive red closes. This has not been a cause for alarm though since the digital asset has a history of marking bearish trends like these and still coming out on top. But this would prove to be a trend like no other after the cryptocurrency had seen its 7th consecutive red close. Related Reading |\u00a0Bitcoin Recovers Above $30,000, Has The Bottom Been Marked? This would make it the first time in history that bitcoin is marking such a trend. However, what is even more important is what seven consecutive red candles mean for the cryptocurrency. With the digital asset still being a seller\u2019s market, a close like this could trigger even more sell-offs as investors worry about the future of the coin in the short term. Furthermore, with so many red candles showing on the charts, it could indicate that there is more downtrend left to follow. An example of this was marked in the 2014 bear market that saw bitcoin record four consecutive red closes. What had followed was a single green close that would prove to give way to an even more brutal downtrend. Now, if bitcoin were to mirror this move from 2014, then another plunge below $30,000 may be imminent. BTC declines to $29,500 | Source: BTCUSD on TradingView.com Not All Bad News For Bitcoin While seven consecutive red closes can often paint a bearish picture, this is not always the case. It is well-known that the digital asset can record the most bearish patterns right before recovery. Oftentimes, a tremendous recovery. An example of this was in August of 2018 when the market had marked six consecutive red closes. Since the market had been in a stretched-out bear market at that point, it was assumed that what would follow this could only be more losses. However, this would prove to not be the case as the digital asset had gone on to record five consecutive green closes. Related Reading |\u00a0Investors Make For Stablecoin Hills As USDT Volume Touches All-Time High Now, this was not the start of the next bull market but it showed that as much as these trends can signify more downtrends to come, they can also be a precursor of a good recovery. Expectations for bitcoin this time around are great as the digital asset has been able to now break above $30,000, although it has trouble maintaining its position above this point. The price of BTC is trending around $29,600 at the time of this writing. This puts it slightly above its 5-day simple moving average but continues to show bearish trends across other indicators. Featured image from Cryptonaute, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":490580,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,85983,679,85982,1119,1144],"class_list":["post-490575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-candles","tag-bitcoin-price","tag-bitcoin-red-closes","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Marks Seven Consecutive Red Candles, Paints Gruesome Picture For Market<\/title>\n<meta name=\"description\" content=\"Bitcoin has now entered perhaps one of its most bearish periods ever. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Marks Seven Consecutive Red Candles, Paints Gruesome Picture For Market","url":"http:\/\/wncen.com\/news\/bitcoin-marks-seven-consecutive-red-candles-paints-gruesome-picture-for-market\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-marks-seven-consecutive-red-candles-paints-gruesome-picture-for-market\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/05\/bitcoin-13.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/05\/bitcoin-13.png?fit=1667%2C1020"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin candles","bitcoin price","bitcoin red closes","btc","btcusd"],"dateCreated":"2022-05-16T17:00:54Z","datePublished":"2022-05-16T17:00:54Z","dateModified":"2024-06-11T14:19:53Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Marks Seven Consecutive Red Candles, Paints Gruesome Picture For Market\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-marks-seven-consecutive-red-candles-paints-gruesome-picture-for-market\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-marks-seven-consecutive-red-candles-paints-gruesome-picture-for-market\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/bitcoin-13.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/bitcoin-13.png?fit=1667%2C1020\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin candles\",\"bitcoin price\",\"bitcoin red closes\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-05-16T17:00:54Z\",\"datePublished\":\"2022-05-16T17:00:54Z\",\"dateModified\":\"2024-06-11T14:19:53Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/05\/bitcoin-13.png?fit=1667%2C1020","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/490575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=490575"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/490575\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/490580"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=490575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=490575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=490575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}