This candlestick pattern is pointing towards a bottom as Bitcoin is about to make its record 14th month in red.

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.

reddit image

50 thoughts on “This candlestick pattern is pointing towards a bottom as Bitcoin is about to make its record 14th month in red.”

  1. Ben Cowen talks about these all the time.

    I feel they have exactly the same value as all TA and bottom indicators. That is to say…some value.

  2. Bitcoin pros & cons and related info are in the collapsed comments below. Pros and cons will change for every new post.

  3. I gave up on my new years pull out today and went back in, so I guess that means I agree. Or it means everything will dump tomorrow.

  4. Judging from past bears, when traders get relaxed, with confidence that the market will recover, but that it could still take a while before it happens, that’s usually when it happens.

    I see that same numbness to red candles and calm positivity about crypto I’ve seen before. Spring might be more bullish already. But even if not, calm positivity about crypto. zen.

  5. Let’s hope Bitcoin doesn’t want to break the record by an incredible amount this time round

  6. At this point, I don’t even care, I just buy whenever I have money and pray.

  7. It’s all hopium regardless of the prediction (up vs down). Posts like this are discount hopium. Opportunities to buy low. I prefer “to the moon” hopium, but gotta find that silver lining.

    And to close the hopium circle: buying low is a kind of hopium for a “the moon” future

  8. So what you’re saying is we might or might not see a bottom next month. Great analysis

  9. I’ve just been DCAing and I plan to keep it that way. Let’s keep getting that average price down

  10. If I had a dollar for every time the BTC bottom was predicted, I’d be a millionaire by now.

  11. This astrology sign will get work promotion in this week. Thats what i see when i read TA.

  12. 2024/2025 is the recovery period. We may enter some aspects of a ‘bull’ in 2023 but not in q1/2 and even then, if it’s a real bull then it’s going to continue into 2024. There’s really not that long left when you think about it- 2022 was awful but we got through that relatively quickly too considering the constant whinging and FUD.

  13. Chart indicates that each bear we have more red candles

    So don’t start celebrating yet

  14. All I want to say, is that I’ll be here in r/cryptocurrency regardless of ups or downs.
    Until mods do us apart.

  15. The funny thing is it could be red for a couple more months and it would still fit the chart and make sense in hindsight.

  16. If I had a nickel for every time someone called the bottom, I’d have one bitcoin.

  17. what if it doesnt recover? its showing signs of not being able to keep up, and its not very useful as is

  18. I agree. The dustpan and brush cosmic delay pattern can also be indicative of a weaving crescendo, meaning that Bitcoin is about to…?

  19. Only issue is this pattern hasn’t been tested during a legacy recession. We connected to legacy now so until the fed alters course we bear.

  20. Don’t know what is happening in the market to be honest. I just buy every month and disappear. I’ll see you guys next month this time.

  21. There are many things BTC did for the first time this bear market.

    Went below ATL, Went below 200 weekly MA for a long time…

    The number of red candles should be the least of our concerns right now

  22. I expect a double bottom or a slighly lower low where alts get wrecked either way and we can start a new cycle.

  23. Government still refuses to admit we’re in an official recession… bottom comes sometime after that.

  24. Why do people do this? Don’t you have to focus on upskilling so you can have more fiat to buy your tokens?

  25. I opened a 125x leveraged long position with all my money and loans from several banks based on this post.

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