Trader gives Bitcoin forecast: Further reset could be imminent
The strong upswing in Bitcoin at the start of the year 2020 has amazed many traders , While the majority were apparently unprepared, one trader called Bitcoin's emerging upward trend: Financial Survivalism, also known as Sawcruhteez.
Just one day after New Year's Day, the prominent trader claimed that Bitcoin was showing signs of a textbook Wyckoff pattern forming. The pattern, according to Sawcruhteez, implied that BTC in mid-January 9. 200 would reach dollars. And BTC did that. At the 17. and 18. January the leading cryptocurrency had the main technical resistance of 9. 000 Dollar exceeded.
Now Sawcruhteez warns of a possible withdrawal, which should be a strong warning given his track record.
Analysts suggest that Bitcoin may experience a return soon
Today, Sawcruhteez pointed out that for the trading session on Thursday, the ongoing one, two and five day candles will all print green 9s, according to the Tom Demark sequence, a time-based indicator that 9 and 13 gives candles at turning points .
The combination of green 9s on three important time levels, Sawcruhteez said, could be a prerequisite for a “correction” as it would indicate that the short-term bull trend is exhausted.
$ BTC is on a green 9 on the Daily, 2D and 5D. If this leads to a correction it should be a great opportunity to buy the dip. Will you be ready? pic.twitter.com/eTeORhSeZ9
– Financial Survivalism (@Sawcruhteez) February 13, 2020
Thomas Thorntown of Hedge Fund Telemetry recently pointed out that the indicator, according to its Demark Sequential Countdown, is the low of Bitcoin at 6. 400 Dollar indicates a potential sell candle prints, which means investors should be careful.
The indicator printed a 13 candle, as Bitcoin in December 2017 20. 000 $ , as BTC on 14. December 2018 on 3rd 150 $ cratered and in June 2019 the maximum of 14. 000 $ reached.
Also the famous crypto whale Joe 007 (Joe) who in December 2019 Winnings worth 14, $ 4 million and nearly $ 7 million last month alone, recently warned that Bitcoin could soon experience such a crash that “all of crypto space is essentially wiped out” rather than just one small setback, as some expect.
Healthy retracement? Without fiat in the system? How about crashing so that the whole crypto space is essentially wiped out?
– Joe 007 (I identify as Omura's seppuku whale) (@ J0E 007) February 10, 2020
He supported this strong claim by looking at (or lacking) fiat inflows into the crypto market and noting that Tether's flat market capitalization is “difficult to explain from a position that we are.” in the middle of a new bull market ”and that Grayscale's inflow data does not convince him that there is enough demand to absorb the daily supply from miners.
What do the cops have to say?
Despite all of this, many bulls remain firm in their stance that Bitcoin will remain in an upward trend that will at least not experience any significant retreats for the time being.
Sawcruhteez noted yesterday that the three-day Ichimoku cloud for Bitcoin is now “completely bullish”. The indicator signaled a buy at $ 10. 268 indicating that further upward movements are imminent.
The 3D Ichimoku Cloud (traditional settings) is now fully bullish and it recently signaled a buy at $ 10, 268. $ BTC pic.twitter.com/YrZgDY7wVI
– Financial Survivalism (@Sawcruhteez) February 12, 2020
And Dave the Wave, the trader, the middle 2019 said that the BTC price on the middle of 6. 000 dollar would just double his prediction that the asset 11. 000 to 11. 500 Dollar will reach before a significant withdrawal, if any.
Proof of text: newsbtc