Bitcoin-Sell signal sighted: Why analysts are not worried
Since BTC hit the $ 6 mark over a week ago. 800, Bitcoin (BTC) has been higher has risen and has made massive profits. At the height of the recent rally, the price of the leading cryptocurrency was $ 8. 450, about 25 percent higher than the lowest price.
Despite this sharp rise, a key indicator, the Tom DeMark Sequential (better known as TD Sequential), has recently shown a bearish signal. According to a telegram channel that tracks the indicator, which is the low of Bitcoin at $ 3. 200 per year 2018 and the highest level in 2019 at $ 14. 000 predicted, just this one “Sell” printed on the daily chart.
Although “Sell 9” candles often lead to strong reversals, analysts are not too worried because there is a flood of other technical signals that indicate that the bulls are in control.
Bitcoin bulls are in control
There are a number of signals that indicate that Bitcoin is ready to go higher no matter what the TD Sequential suggests. A trader claims that the bulls are in control, adding that he believes it is worth it to keep the cryptocurrency between $ 7. 700 and $ 7. 900 to buy.
The indicator he used is relevant because it turned green in mid-February and only reversed to a falling value in September. Not to mention that the Lucid Stop and Reversal System recently printed a buy signal, which was a signal that was last seen in March 2019 Was seen.
The historical chart analysis agrees with the positive fundamental data. As Nunya Bizniz noted, the four months after halving Bitcoin in previous cycles have always been extremely bullish for the BTC rate.
This simple analysis, underpinned by the fact that investors are trying to “drive forward” the halving by buying Bitcoin previously, suggests that the crypto market will explode sooner, possibly in a parabolic uptrend could occur.
Bitcoin is about 120 days away from the halving.
What was price action like 120 days prior to the first two halvings ?
Whether you believe its priced in or not, if past is prologue – volatility may be expected. pic.twitter.com/7peG6Ir0m4
– Nunya Bizniz (@Pladizow) 10. January 2020
Even though there is understandably a certain decline in current price levels, Bitcoin analysts are still bullish from a more medium-term perspective.
Proof of text: newsbtc