Bitcoin fell by 20% to underneath $60,000 in June, its worst month-to-month efficiency for the reason that identical month in 2022. If that quantity alone is not sufficient to fret bulls, the worth chart, particularly the month-to-month candlestick, may very well be.
The June candlestick, a charting instrument summarizing whole month’s value motion right into a single visible, appears like a strong pink brick with nearly no wicks, a transparent signal of full and “uninterrupted” bear dominance all through the month.
For anybody monitoring value charts, that is about as bearish a sign as will be and a warning that extra losses might occur within the weeks forward.
A candlestick captures 4 information factors for any given interval: the place value opened, the place it closed, how excessive it bought, and the way low it fell.
The candle physique exhibits the open-to-close transfer. The wicks – the skinny strains extending above and beneath the physique, representing excessive and low – present how far value traveled in each instructions throughout that interval.
Massive wicks imply consumers and sellers had been preventing onerous. An extended higher wick means sellers beat again a rally whereas an extended decrease wick means consumers defended a selloff. Both manner, wicks are proof of two-sided exercise.
The June candle
The June candle has none of that.
