Bitcoin Price Ends Longest Losing Streak Since December

Published on by Coindesk | Published on

View Bitcoin logged gains in the three days to July 20, snapping the longest losing streak on the three-day chart since December.

Bitcoin ended its longest losing streak in seven months over the weekend, but the outlook still remains bearish.

The green candle notably formed following three consecutive red candles, representing bitcoin's longest losing streak since the end of December, according to Bitstamp data.

As seen above, bitcoin's recovery rally from the bear market low of $3,122 on Dec. 15 ended with a four-candle losing streak, which saw prices create a bearish lower high at $4,236 and drop by 15 percent to $3,560.

The resistance created at $4,236 remained intact for more than three months before bitcoin breached that on the back of higher volumes on April 2, confirming a long term bearish-to-bullish trend change.

The latest three-candle losing streak likely marked a healthy correction of the bull market, as noted by popular technical and fundamental analyst Alex Kruger.

Bitcoin clocked a high of $11,120 on Saturday, but failed to close above $11,080 and fell back to $10,300, leaving intact the bearish lower highs pattern created during the sell-off from $13,200 to $9,049.

Bitcoin may rise to $12,000 this week if prices break above $11,080, activating twin bullish cues: invalidation of lower highs and an inverse head-and-shoulders breakout.

On the three-day chart, the MACD has turned bearish for the first time since December.

Bitcoin image via Shutterstock; charts by Trading View.

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