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Nexo

Bitcoin Prepares To Paint Its Largest Daily Candle In History, And Its Bearish

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin
0

Bitcoin price is trading at over $33,000 at the time of this writing, but that’s nearly $9,000 away from the high it set days ago. And while the cryptocurrency is still well above 2020 prices, the asset’s largest-ever daily candle in terms of total price moved is forming and it is shaping up to be bearish.

What does this mean for the bull market that was brewing, and how bad could this correction get?

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Bitcoin Breaks Previous Records, Bubble Legacy Could Lead To Preemptive Bears

Bitcoin started 2021 off on a tear, closing out the year of the pandemic on an extremely high note. In fact, the cryptocurrency closed 2020 at a price almost five times what it started the year off from.

Inflation fears in the wake of unprecedented money printing have led investors to assets like gold and Bitcoin. High wealth individuals are scrambling for ways to protect capital in the economic uncertainty to come, and many are now speculating that the cryptocurrency will do the job better than the precious metal will.

RELATED READING | BITCOIN WEEKLY “RELATIVE STRENGTH” MORE POWERFUL THAN RECORD 2017 RALLY

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The waterfall of gold funds flowing into Bitcoin combined with the asset’s limited supply sent prices into the stratosphere in the final quarter of 2020. In just months, Bitcoin rose from $10,000 to a high of right below $42,000.

Largest daily candle in history brewing on btc. just watching it play at this point pic.twitter.com/nXMaIZh5iq

— joshnomics (@joshnomics) January 11, 2021

The rally caught the attention of not only finance but the entire world. The way up was characterized by record-breaking weekly and monthly candles – a sign of what was to come, analysts concluded. However, Bitcoin is now about to set another record for the largest daily candle historically, and unfortunately, it is happening on the way back down.

bitcoin daily historic drop candle

Bitcoin has dropped more than $7,000 in a single daily candle | Source: BTCUSD on TradingView.com

Parabola Broken, But Has The Crypto Bull Market Concluded?

Bitcoin is both notorious and sought for its parabolic moves. Getting in ahead of them results in life-changing wealth. Buying the top sometimes leads to years of losses before things heat up once again. And when they do get going, the strength of the trend can quickly leave buyers behind.

The leading cryptocurrency by market cap has potentially just completed a parabolic advance as indicated by the largest ever daily corrective candle, currently at roughly $7,200 from wick to wick.

RELATED READING | GOOGLE TREND SENTIMENT BREAKS DOWN, WILL BITCOIN FOLLOW?

Because Bitcoin’s bubble-effect is so easily recognized, and both the price of the asset and supporting exuberance reached substantially higher heights than the last bull run. But like a double-edged sword, it also could worsen the selling initially.

No one wants to be left holding the bag like in 2017, which has resulted in a large chunk of profit-taking, panic-selling, and a cascade of longs liquidated. The psychology of a parabolic move broken could lead investors to believe another bear market is next.

Bitcoin will retrace deep enough to convince you that the bull market is over

And then it will resume its uptrend$BTC #BTC #Bitcoin

— Rekt Capital (@rektcapital) January 11, 2021

But that belief a bear market is coming could create the ideal sentiment shift for a shakeout of epic proportions. Institutions that are accustomed to buying the blood, will be doing just that in preparation for yet another parabolic wave.

If that occurs, this wasn’t the long-term top, and despite any aggressive selloff, another parabolic wave will arrive before the end of the year.

Featured image from Deposit Photos, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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