This may be more unknown, but there are actually a lot of candlestick techniques to represent the Bitcoin price on charts. We have probably all used the classic ones, but there is a Japanese alternative, called the Heikin-Ashi candles. Contrary to the classic ones which basically just show the low and high of each session and are red or green if the closing price is under or above the opening price this one has a different technique since over a hundred years:
The Heikin-Ashi makes the opening price as mean from the opening and closing price of the candle before it. This is a crucial difference as this candlesticks use the candle before it too to decide the current session candle. This relationship has usually made the candlestick pattern way more clean and easily to see which direction we are going.
Now as for the BTC-chart we can see that we were clearly in a downside bear market since the top in November, unlike the classic candlesticks we dont have any green candles here, which makes sense as we were indeed in a bear market. During every bear market this technique has been constantly red until we made the bottom and then reversed.
Chart from newsbtc
So far it has been 13 months in constant red for Bitcoin and this is equal to the last bear market in 2018 but as we can see each bear market there has been an increase in red months till the bottom. So now the 14th red month would make it eligible for the bottom to appear but also likely not as we more red months are likely.
But even this indicator shows how we should/could be quite near a bottom and its as always just about patience. This bear market too, shall pass.
