Today’s mid-week daily close in Bitcoin price charts carries significantly more weight than usual, as New Year’s Eve marks the last day of the calendar year, and the crypto asset’s yearly candle close.
If the leading crypto asset by market cap closes today at current prices around $7,250, the yearly candle will close with the largest wick on record, clearly showing the failed parabolic rally that occurred around mid-year 2019.
Bitcoin Price Chart: Yearly Candle Closes Tonight
Bitcoin price charts can be viewed across multiple timeframes, with the most significant being given to the largest and longest timeframes.
Crypto traders and analysts often pay particularly close attention to daily, weekly, or monthly price charts in order to get a better grasp on the market and the trend underway.
And while yearly price charts aren’t as oft used as the other, longer timeframes, they can be helpful in looking at the bigger overall picture.
One crypto analyst has shared a yearly Bitcoin price chart on Twitter and invited others from the community to do what they do best and speculate on what the yearly candle close means for the crypto asset, and what is expected for the following year’s close.
The yearly candle is closing pretty soon and this is how we're currently sitting…
Not the prettiest thing, that's for sure. If you had to guess, which color would the next yearly candle be? pic.twitter.com/G5pRoierq4
— TraderKoz (@TraderKoz) December 30, 2019
The candle itself while green does show a failed rally in the form of a massive wick that stopped at prior yearly resistance. The wick is also the largest ever recorded in Bitcoin price on yearly candles, as even 2017’s peak has a $6,000 range from wick peak to candle body close, whereas this year’s reaches from the current price of $7,250 all the way to $14,000 – representing a $6,750 long wick.
What Does This Year’s Candle Close Tell Crypto Analysts?
Analysts responding to the thread suggest that because this year’s candle is closing at under 50% of 2017’s candle, 2020’s yearly close is expected to be red.
What makes me think red:
-that colossal upper wick
-yearly close lower than 50% of the 2017 candle's body
-2019 candle closes in lower/middle third of the range
What makes me think green:
-near-equal lows for 2018 & 2019
So my guess is….. red 😬
— Jamie Holmes (@Holmes1991Jamie) December 30, 2019
For 2020 to close red, Bitcoin price would need to end next year lower than whatever the price closes at when the clock strikes 7PM ET tonight. Another year of sideways or downtrend would likely be too much for many crypto investors who have been holding through two full years of a bear market already.
Poor bulls and bears. I hope they are prepared for this. We will lose so many traders in the next year. pic.twitter.com/weW5Vpy0tV
— Sean Nance (@TheSeanNance) December 30, 2019
Others, however, say that the next year’s candle will close green, filling out the wick of 2019 with continued price action until Bitcoin eventually sets a new high.
While many crypto investors are already thinking about 2020, Bitcoin price still needs to close the daily candle tonight to put 2019 in the history books for good, and set its sights on a new year or trading.
Featured image from Shutterstock