So anytime something is selling off or in a down trend the biased is to look for reasons on when it will stop and turn around.
Often, looking at if price action is over sold becomes popular. Whether it be gauged by indicators like stochastics or RSI, or something as simple as candlestick streaks and patterns.
Holy Weekly Red Candles Batman!
Looking at the weekly chart above you can see that bitcoin is working on its ninth consecutive red candle.
NINE WEEKS of RED! Now granted, we still have just over 24 hours for price to rally above 30K which basically takes this week's candle green. As of now though, we are red for the ninth time.
This has never happened in the history of bitcoin that I can see (NOTE: chart data I have only goes to mid 2011).
The good and the bad....
Well, its bad that bitcoin price keeps going down. I will say though, rather impressed by how price has held up considering it has been nine weeks straight of lower weekly closes.
Price could easily be at 18K after nine weeks if you throw in a couple big candles. Maybe volatility is slowly shrinking, maybe there isn't as much selling as we think at buyers are just sitting out.
Who knows, theories are abound. Either way, at some point we will have a green weekly candle, which means a bounce for atleast that week.
Let's see if price can rally above the key 30K area to close the week once again. It did so the past two weeks.