The Bitcoin weekly chart has printed a red candlestick in a way that has 
quietly preceded some corrections. This candlestick appears in the numbers: in 
the open, the push, the rejection, and the close. That is exactly what 
happened last week. The candle that formed has now drawn the attention of an 
analyst who has catalogued its full history on Binance going back to 2017, and 
what he found is the possibility of another Bitcoin crash. Bitcoin’s Weekly 
Candle Flashes A Rare Bearish Setup As noted by a crypto analyst that goes by 
the name Sherlock on X, the latest Bitcoin weekly candle is one of the ugliest 
candlesticks that the asset can print. The analyst’s concern was not simply 
that Bitcoin closed the week in red. It was the way the candle formed and 
where it closed compared to the previous week. Related Reading: Pundit 
Predicts What Will Happen To XRP When Exchanges Run Out Of Supply Bitcoin’s 
weekly candle met three bearish conditions at the same time. It came in red 
immediately after a green weekly candle, its body engulfed the previous green 
candle, and it closed below the low of the previous week. This means buyers 
briefly tried to extend the rebound in the previous week but were overpowered 
before the weekly close. The week opened at $82,210. Buyers attempted a push 
higher, failed, and by the close Bitcoin was trading at $77,457, creating a 
red candle following a green week. That type of candle is important because it 
does not only show selling pressure. A green week had first given traders room 
to believe that Bitcoin was holding steady above $80,000, but the following 
candle erased that progress and closed beneath the prior low. This turned the 
previous week&#8217;s rally into a bull trap. What Does This Mean For Bitcoin? 
Interestingly, this exact setup has appeared 33 times on Binance since 2017, 
and the historical record is heavily tilted to the downside. Over the 12 weeks 
following each signal, Bitcoin traded at least 3% lower in 31 out of 33 cases, 
at least 5% lower in 28 cases, at least 8% lower in 25 cases, and at least 10% 
lower in 23 cases. Related Reading: XRP Analyst Reveals The Real Catalysts; 
‘The Price Discovery Will Be Biblical’ The deeper part of the analysis is the 
average and median drawdown. The average drawdown after this weekly structure 
was 20.9%, while the median drawdown was 15.8%. Since Bitcoin closed last week 
at $77,457, a median version of the move would place the price on a further 
crash to $65,000, while an average version would drag the price close to 
$61,000. At the time of writing, Bitcoin is trading at $77,800 and bulls are 
trying to hold above $77,000. The current weekly candlestick is now green, but 
there is still enough time for things to change before the week&#8217;s close. The 
current weekly candle is playing out at a time when Bitcoin is under pressure 
from ETF outflows, and it is currently on a four-day outflow stretch, 
according to data from SoSoValue. Featured image created with Dall.E, chart 
from Tradingview.com

The Bitcoin weekly chart has printed a red candlestick in a way that has quietly preceded some corrections. This candlestick appears in the numbers: in the open, the push, the rejection, and the close. That is exactly what happened last week. The candle that formed has now drawn the attention of an analyst who has &#8230;

The Last Time Bitcoin Printed This Ugly Candle, It Tanked; Now It Has Returned

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The Last Time Bitcoin Printed This Ugly Candle, It Tanked; Now It Has Returned

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