Bitcoin has never had four consecutive downward quarterly bars in the past, but if it fails to close above $19,423 on 12/31, Bitcoin is on the verge of breaking the record.
According to BeInCrypto, Bitcoin has actually set multiple records this year. For example, Bitcoin has never fallen below its previous high, but it has fallen below the previous high of $20,000 in 2017 many times this year.
Especially in terms of technical analysis data, several records have been set:
On the monthly chart, it has never fallen below the 50M moving average (orange line below).
On the weekly chart, it rarely breaks below the 200 W EMA, but it has done so for 28 weeks in a row.
Bitcoin monthly chart
In addition, the trend of Bitcoin on the quarterly chart this year has ended with three consecutive falling quarter K-lines. If the closing price on December 31 is not higher than $19,423, it will be a record-breaking four consecutive red K-lines. This would require a rise of about 16%.
Similar situations have occurred during the bear markets in 2014 and 2018, but there have never been four consecutive falling red K lines.
Bitcoin Quarterly Chart
It can be seen from the quarterly chart that Bitcoin’s miserable trend this year has brought the market into unknown territory. Compared with the past, BTC has risen less and fallen more. Even if Bitcoin will repeat a trend similar to the bear market in the past, then it will It means that the market will enter a long period of sideways consolidation.
This article: For the first time in history, Bitcoin is about to close with four consecutive quarterly red K’s this year. It first appeared on Chain News ABMedia.
