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bitcoin price crypto yearly candle
Nexo Logo

Bitcoin Price Yearly Candle Shows Failed Rally, Longest Wick on Record

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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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.

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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.

Related Reading | Past Performance Shows Bitcoin Historic High Could Serve As True Bear Market Bottom

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.

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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.

Related Reading | Here’s What $100 in Bitcoin Would Have Made Next To The Decade’s Best Investments 

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
Tags: bitcoinbitcoin pricecryptojapanese candlestickyearly
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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