{"id":394264,"date":"2019-08-26T18:00:36","date_gmt":"2019-08-26T18:00:36","guid":{"rendered":"https:\/\/ktsl888.com\/?p=394264"},"modified":"2024-06-11T13:24:44","modified_gmt":"2024-06-11T13:24:44","slug":"bitcoin-price-closes-two-consecutive-weekly-red-candles-first-time-since-bottom","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-closes-two-consecutive-weekly-red-candles-first-time-since-bottom\/","title":{"rendered":"Bitcoin Price Closes Two Consecutive Weekly Red Candles, First Time Since Bottom"},"content":{"rendered":"<p><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> action over the weekend has been a virtual nail biter. The leading crypto by market cap, teetered on the edge of support for much of the weekend as bulls were able to successfully defend bears from pushing the price to retest lows at $9,200.<\/p>\n<p>But despite the valiant effort from bulls, bears were able close the weekly candle red at roughly $10,140. 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.<\/p>\n<h2>Two Consecutive Red Weekly Candles: What Does This Mean for Bitcoin Price?<\/h2>\n<p>Since the start of February, only 9 out of 29 weekly candles have closed red. Unless you\u2019re color blind, it\u2019s easy to see that <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> action has been driven heavily by bulls. However, the first sign that bears may be taking over can been seen on weekly price charts.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2019\/08\/22\/mark-your-crypto-calendars-here-are-bitcoin-dates-to-watch\/\">Mark Your Crypto Calendars, Here Are Bitcoin Dates To Watch<\/a><\/strong><\/em><\/p>\n<p>Last night, Bitcoin price closed at roughly $10,140 on <a href=\"\/tag\/coinbase\" rel=\"nofollow\">Coinbase<\/a>, making it the second weekly consecutive candle close that\u2019s red. 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.<\/p>\n<p>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 2018 bottom. Could two consecutive weekly red candle closes signal that a top is in?<\/p>\n<p><a href=\"https:\/\/www.tradingview.com\/x\/E7UPL6el\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-394265\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/08\/bitcoin-price-weekly-red-chart.png?resize=860%2C602\" alt=\"bitcoin price chart weekly red\" width=\"860\" height=\"602\"><\/a><\/p>\n<p>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. Bitcoin price in 2019 has rallied from lows around $3,000 to highs around $14,000, and has since been consolidating or possibly correcting.<\/p>\n<p>Bulls haven\u2019t thrown in the towel just yet, either. Following the red candle close was an immediate over $500 price spike on most exchanges, liquidating over $52 million in \u201clate shorters\u201d on margin trading exchange BitMEX &#8211; an exchange currently under investigation by the CFTC.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Ouch. $52.2 Million in Shorts Liquidated on BitMex<a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> <a href=\"https:\/\/t.co\/BLhtRVOjgj\" rel=\"nofollow\">pic.twitter.com\/BLhtRVOjgj<\/a><\/p>\n<p>&mdash; Block Journal (@blockjournal) <a href=\"https:\/\/twitter.com\/blockjournal\/status\/37737728?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 26, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Despite the push, bulls have failed to sustain the short-lived pump, and is already down to $10,300 currently from the $10,700 local high. But bears have also been unable to push <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> deep below $9,800 with a strong daily candle close, resulting in slow grinding sideways price action.<\/p>\n<p>The market is currently indecisive, and the next major move should result in a clear choice in terms of short-term price direction. A break above $11,000 should send a signal to bulls and bears alike that the correction is over and the bull run will resume. The two weekly red candles in a row will be nothing more than a pit stop in Bitcoin&#8217;s rally toward $100,000 or higher.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2019\/08\/23\/bitcoin-price-could-test-bottom-of-weekly-range-macd-turning-bear\/\">Bitcoin Price Could Test Bottom of Weekly Range, MACD Turning Bear<\/a><\/strong><\/em><\/p>\n<p>If following these two red consecutive weekly candle closes the floor drops out of Bitcoin price, bulls will want to pay close attention the next time two weekly red candles stack up during a bull run &#8211; it might signal that it&#8217;s time for Bitcoin to retrace.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price action over the weekend has been a virtual nail biter. The leading crypto by market cap, teetered on the edge of support for much of the weekend as bulls were able to successfully defend bears from pushing the price to retest lows at $9,200. But despite the valiant effort from bulls, bears were able close the weekly candle red at roughly $10,140. 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. Two Consecutive Red Weekly Candles: What Does This Mean for Bitcoin Price? Since the start of February, only 9 out of 29 weekly candles have closed red. Unless you\u2019re color blind, it\u2019s easy to see that Bitcoin price action has been driven heavily by bulls. However, the first sign that bears may be taking over can been seen on weekly price charts. Related Reading | Mark Your Crypto Calendars, Here Are Bitcoin Dates To Watch Last night, Bitcoin price closed at roughly $10,140 on Coinbase, making it the second weekly consecutive candle close that\u2019s red. 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 2018 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. Bitcoin price in 2019 has rallied from lows around $3,000 to highs around $14,000, and has since been consolidating or possibly correcting. Bulls haven\u2019t thrown in the towel just yet, either. Following the red candle close was an immediate over $500 price spike on most exchanges, liquidating over $52 million in \u201clate shorters\u201d on margin trading exchange BitMEX &#8211; an exchange currently under investigation by the CFTC. Ouch. $52.2 Million in Shorts Liquidated on BitMex$BTC pic.twitter.com\/BLhtRVOjgj &mdash; Block Journal (@blockjournal) August 26, 2019 Despite the push, bulls have failed to sustain the short-lived pump, and is already down to $10,300 currently from the $10,700 local high. But bears have also been unable to push Bitcoin price deep below $9,800 with a strong daily candle close, resulting in slow grinding sideways price action. The market is currently indecisive, and the next major move should result in a clear choice in terms of short-term price direction. A break above $11,000 should send a signal to bulls and bears alike that the correction is over and the bull run will resume. The two weekly red candles in a row will be nothing more than a pit stop in Bitcoin&#8217;s rally toward $100,000 or higher. Related Reading | Bitcoin Price Could Test Bottom of Weekly Range, MACD Turning Bear If following these two red consecutive weekly candle closes the floor drops out of Bitcoin price, bulls will want to pay close attention the next time two weekly red candles stack up during a bull run &#8211; it might signal that it&#8217;s time for Bitcoin to retrace. &nbsp;<\/p>\n","protected":false},"author":517,"featured_media":394266,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,679,52733,6664,50721],"class_list":["post-394264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-price","tag-candletsticks","tag-crypto","tag-weekly-close"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Closes Two Consecutive Weekly Red Candles, First Time Since Bottom<\/title>\n<meta name=\"description\" content=\"Bitcoin price action over the weekend has been a virtual nail biter. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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