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.
Three Black Crows: Could the Bitcoin Bull Run Already Be Over?
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 candle’s 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.