A quick note: $XRP has had 9 consecutive daily bearish candles, down a cumulative 22.59% over that period. So far today, it’s up 0.17%.
People often ask how to read consecutive bullish or bearish candles. Here’s my take.
A bearish candle is determined by that candle’s own open and close. Binance trades 24/7, so the daily candle’s open is basically the previous day’s close. That means a bullish candle roughly indicates a gain compared with the previous close.
Rather than the number of days, it’s usually more useful to look at whether the body of each candle in this stretch is getting larger or smaller. Bodies that shrink day by day are often seen as a sign of weakening momentum.
Cross-checking multiple indicators is more reliable than looking at just one, but even a whole bunch of indicators can’t give you a definite answer.
People often ask how to read consecutive bullish or bearish candles. Here’s my take.
A bearish candle is determined by that candle’s own open and close. Binance trades 24/7, so the daily candle’s open is basically the previous day’s close. That means a bullish candle roughly indicates a gain compared with the previous close.
Rather than the number of days, it’s usually more useful to look at whether the body of each candle in this stretch is getting larger or smaller. Bodies that shrink day by day are often seen as a sign of weakening momentum.
Cross-checking multiple indicators is more reliable than looking at just one, but even a whole bunch of indicators can’t give you a definite answer.