Despite the short-lived rally leading up to Christmas, BTC appears poised to post a fifth consecutive red candle on the monthly chart for the second time ever. BCH also looks ready to extend its record bear streak to five months of red, while ETH appears poised to post a monthly gain for the first time in seven months.
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BTC Likely to Post Fifth Consecutive Red Candle for First Time Since 2011
Should BTC fail to finish 2018 above $4,000 on Bitstamp, the markets will have produced five consecutive red monthly candles for the second time ever. At the current price of roughly $3,850, BTC has shed 50% since trading for approximately $7,725 at the start of August of this year.
The first time BTC posted five red one-month candles in a row occurred during the fallout from what many describe as bitcoin’s first bubble of 2011, which saw BTC gain nearly 3,000% from roughly $1 in April to over $29 in June. Driven by minuscule liquidity, however, the rally was short-lived, resulting in roughly five months of downward momentum that saw BTC bleed 83% from $16.48 at the start of June to $2.79 at the end of November.
Since then, the most heavily sustained bearish price action posted on BTC’s monthly chart took place during the second half of 2014, which saw four consecutive months of red as prices fell 47.5% from $640 at the start of July to $336 at the end of Oct. Following the three months of selling that persisted from March to May of 2015, BTC markets had not posted more than two consecutive red monthly candles leading into the second half
