The week has started in the red for the majority of crypto assets. Bitcoin closed the week with its largest red candle since December 2018 and analysts are predicting further losses ahead as the correction continues.<\/p>\n
From an intraday high of $7,950, Bitcoin has tumbled back below $7,600 as the Asian trading session gets under way this Monday morning. A slight recovery has taken BTC back to $7,680 but it is still down 3 percent on the day.<\/p>\n
The weekly view has also shown a steady decline<\/a> from $8,600 this time last Monday to current levels. This is a ten percent drop in the week and the largest red candle closed since the big dump in December last year.<\/p>\n Trader \u2018CryptoFibonacci\u2019 has noticed the candle predicting further declines for BTC;<\/p>\n \u201cHate to keep harping on it, but this is important. That candle pattern is a reversal pattern and must be respected,\u201d before adding in a later tweet after it closed \u2026 \u201c$BTC Weekly chart update. Do NOT like this candle pattern at ALL!! But, it is necessary after such a huge runup. Retraces coming. Stay safe!!\u201d<\/p><\/blockquote>\n $BTC<\/a> Weekly chart update.<\/p>\n Do NOT like this candle pattern at ALL!!<\/p>\n But, it is necessary after such a huge runup. Retraces coming. Stay safe!!#BTC<\/a> pic.twitter.com\/6aOUE0JPJo<\/a><\/p>\n — CryptoFibonacci (@CryptoFib) June 10, 2019<\/a><\/p><\/blockquote>\n\n