Bitcoin (BTC) has rallied to gain nearly 5% in as many hours, narrowly avoiding posting seven consecutive red daily candles for the sixth time ever. The last time that BTC posted seven red daily candles in a row was heading into the start of August 2018.
From July 29 to Aug. 4 of last year, BTC fell 15% from approximately $8,240 to $7,000. Following the streak of red daily candles, the following week failed to produce a recovery, with prices sliding a further 15% before finding support at $6,000.
This past week’s price action comprises the sixth instance in which BTC has posted seven red candles consecutively since 2011. At the start of September 2017, BTC posted a full week of bearish daily candles after failing to hold above $4,500 after testing $5,000 for the first time.