Bitcoin’s Hammer Candles: A Dance of Price Swings and Wicks! 💃📉

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What to know:

  • Ah, the weekly hammer candles! Those delightful formations where the lower or upper wick takes up a staggering 90% of the total price range. Quite the show-off, aren’t they?
  • In a thrilling two-week saga, Bitcoin has swung like a pendulum, with a dizzying 23% and 16% on an open-high, lower-close candlestick pattern. Hold onto your hats! 🎩

In the recent past, Bitcoin (BTC) has been on a rollercoaster ride, with price action that could make even the most stoic investor clutch their pearls. The last fortnight saw our dear Bitcoin pirouetting on an open-high, lower-close candlestick pattern, flaunting double-digit percentage differences like a peacock in full display.

During the week commencing Feb. 24, Bitcoin plummeted to a low of $78,167 before soaring to a high of $96,515—a breathtaking 23% swing. The following week, starting Mar. 3, it recorded a low of $81,444 and a high of $94,415, marking a 16% swing. Talk about a dramatic flair!

These grand candlestick formations, affectionately dubbed hammer candles by the ever-astute analyst Checkmate, are where the lower or upper wick makes up a whopping 90% of the total price range, leaving a mere morsel of a body with a long, elegant wick. Quite the artistic endeavor, if I may say so!

According to Checkmate’s meticulous analysis, Bitcoin has only graced us with a weekly hammer candle featuring a 90% lower wick on five occasions throughout its storied history. These rare gems appeared during the euphoric 2017 bull run, the late 2021 bull market peak near $69,000, twice in 2023—post the Silicon Valley Bank crisis and again after the summer downturn—and once more in 2024, during yet another summer lull. A veritable history of highs and lows, wouldn’t you agree? 😏

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2025-03-06 15:27