Historically, Bitcoin performs exceptionally well after 3 consecutive weeks of red
We may be setting up for a rather large move up in bitcoin.
If history is any indicator, bitcoin may be setting up for a rather large move up.
In bull markets, any time bitcoin has experienced 3 (or more) consecutive red weekly candles, bitcoin has gone on a substantial move up afterwards.
We can see some examples here:
(Source: https://twitter.com/Pladizow/status/1168956210529349634)
Just remember this only holds true in bull markets, so if this isn't a bull market we can throw this pattern out the window.
Also, this chart was mostly only looking at the bull market in 2016-2017, and didn't include all of the examples.
However, what if we zoom out a bit more?
Does this pattern still hold up?
Lets take a look...
Here we have the bull market in 2012-2014 included as well, and we can see that the same pattern plays out again:
(Source: https://www.ccn.com/analyst-spots-trend-suggesting-incoming-monster-bitcoin-rally/)
In conclusion...
Any time we see 3 consecutive red candles on the weekly chart of bitcoin, as long as we are in a bull market, we can expect to see substantial price gains in the coming weeks/months.
We have that exact setup right now.
Stay informed my friends.
-Doc
now we have to be sure we are in a bull market but going on 300% profits in one year the chances are high
Yep, I mean the chart has broken just about every metric you could define a bull market by. The only ones that work against it are how much off its recent high it is, though that is a much shorter term metric. In traditional markets they say when you pull back by greater than 20% you are in a bear market, but bitcoin and crypto have slightly different definitions than traditional stock markets I believe. Short term bear market within a medium and longer term bull market perhaps.
bring on the next bull run!
We should start moving up in the coming weeks if past patterns play out again.
maybe for a nice 🎄 present! hah
Works for me.
Well, finally good news. Keep holding guys!
Well, it hasn't happened yet, but if past patterns repeat, it should soon.
Let stay positive :-)
Works for me.
Good advices JrCornel