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

Todays mid-week daily close in Bitcoin price charts carries significantly more weight than usual, as New Years Eve marks the last day of the calendar year, and the crypto assets 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 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.

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

And while yearly price charts arent 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 years close.

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 2017s peak has a $6,000 range from wick peak to candle body close, whereas this years reaches from the current price of $7,250 all the way to $14,000 representing a $6,750 long wick.

Analysts responding to the thread suggest that because this years candle is closing at under 50% of 2017s candle, 2020s yearly close is expected to be red.

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.

Others, however, say that the next years candle will close green, filling out the wick of 2019 with continued price action until Bitcoin eventually sets a new high.

Related Reading | Heres What $100 in Bitcoin Would Have Made Next To The Decades 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.

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