bitcoin price Consolidation above $35,000 is trying to form enough support to attempt a return to the local highs. Once there, it will become very clear if the bull run is still in progress or not.
But before this happens, according to the highly accurate market timing indicator, a further deep sweep of the lows may occur. TD Sequential Indicator Created by market timing magician Thomas Demark – Here’s an overview of current price action and what to expect in the coming days.
Why the price of bitcoin may drop before it bounces
The Top Cryptocurrencies by Market Cap Have Just Seen Close to One of These Worst monthly candles on record, calling on the question whether the bull run market structure is in practice, or if the cycle has ended much earlier than one anticipated.
each market cycle it’s been too long, Yet this recent cycle from below will be closed in only 26 months. Most indications suggest that it is not yet time for the underlying trend to end.
Related reading | Five Signs that Bitcoin is Down
According to the TD Sequential Indicator on multiple time frames, price action could first drive the cryptocurrency lower to another level, broad lows before a meaningful bounce.
There is an 8 count on most timeframes on the TD Sequential | Source: BTCUSD on TradingView.com
The Wizard of Market Timing: All About TD Sequential
TD is a sequential indicator A market timing indicator created by Thomas Demark. All of Demark’s highly regarded tools are focused on time, and bitcoin or other assets are priced lower.
Timing is based on the sequence of candles resulting in a buy or sell signal when the count of nine occurs. Counting to eight can sometimes produce the boom that crypto holders are hoping for, however, a “perfect” nine setup is what they really want.
The reason why crypto investors may not like the upcoming setup is that the nine candlestick is meant to “correct” the candle. Must fall deeper than the lows of the previous candles. Eight counts can also be true and indicate a reversal, but because there are so many eight counts on the bitcoin price on multiple timeframes, there is the potential to be more negative and ignore the completion of one of these candles. Is too much.
In addition to the upcoming buy signal, The techs on bitcoin are extremely bullish. Is this the “right” opportunity to buy last?
Featured image from iStockPhoto, Charts from TradingView.com