This weekend, Bitcoin price closed its second consecutive monthly red candle in a row, as bulls failed to push the price of the leading crypto asset by market cap through resistance to retest its recent local high.

And while bulls have since given it another go and the current September monthly is currently a green candle, should bears regain control and close out September with a red candle, Bitcoin price charts may be exhibiting a three black crows candlestick pattern that suggests the bull market was short-lived, and the trend will resume downward.

Japanese candlesticks are a common way to depict price charts on various financial assets. Each candlestick has a body, and possibly an upper or lower shadow often called a wick. The highest point of the body is the candles open, and the lowest is its close, while the top of any upper wicks shows the high for the candle and vice versa for the candle low.

Related ReadingBears Beware: Bitcoin Price Might Range For Another Month

Depending on how these candlesticks close, they can also tell crypto traders and analysts a lot about the assets price action, such as if the trend may be coming to an end, or if theres a strong sign of continuation. Even indecision is often depicted in candle structures.Other times, candles close in succession, forming a pattern.

This past weekend, Bitcoin price closed its second consecutive red monthly candle the first time it has done so in all of 2019.

And while two red consecutive monthly candles arent of much significance aside from it being the first time its occurred since Bitcoins bull run began, a third red monthly close would be particularly ominous.

Three red long red candle closes in succession in a descending staircase like pattern, would be a strong bearish reversal candlestick pattern called three black crows.

Wikipediadescribes as a pattern that unfolds across three trading sessions, and consists of three long candlesticks that trend downward like a staircase.

The three black crows help to confirm that a bull market has ended and market sentiment has turned negative, the Wiki entry reads.

Related ReadingLivermore Accumulation Cylinder Suggests Bitcoin To Set New ATH Next Rally

Bitcoin price is currently trading above $10,100 as of the time of this writing. For this forewarning candlestick pattern to play out, bulls will need to fail in this current rally and bears will need to close Bitcoin price at $9,000 or lower. If this happens, the conditions for a three black crows reversal pattern will be met and would suggest that Bitcoins current bull run is over before it ever really got started.

Bitcoin Price Monthly Chart At Risk Of Three Black Crows Reversal

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Instant loans by local bank transfer using your crypto as collateral without selling it. Earn up to 8% interest per year on your Stablecoins & EUR.

Kucoin is the most trusted crypto exchange with 200 tokens.

My 99-year-old grandmother is more likely to buy bitcoin than the Federal Reserve, said market…

On Thursday, Bitcoin bears continued to ravage the cryptocurrency market. According to…

The worlds largest social media company has faced nothing but criticism since it announced…

Cardanos Early Backer Invests in Pan-Asia Exchange Zipmex

THORChain & to Launch Decentralized Finance on Binance…

AXEL Announces Strategic Partnership with Trittium

Blockchain4Humanity Harnesses the Power Of Blockchain For Good

Buyaladdin Acquires US License, Grand Opening Soon

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.