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NewsBTC<\/a> observed the same trend when it applied the TD Sequential to its TradingView chart.<\/p>\n Nines, with the TD Sequential, are seen as key reversal points.\u00a0Indeed, the last time BTC saw a buy nine on its weekly chart in July of 2018, a two-week surge of $3,000 followed soon thereafter.<\/p>\n It is important to note, however, that the weekly candle has yet to close. For this bullish signal to be confirmed, Bitcoin will have to close on Sunday at a similar level to what is being seen now.<\/p>\n The strong “buy” signal printed by the TD Sequential isn’t the only thing that likely has bulls buzzing. Mohit Sorout’s analysis of the RSI and Directional Indicator gauges for Bitcoin found that the cryptocurrency is nearing a long-term bullish reversal point.\u00a0<\/a><\/p>\n Also, \u00a0the model that predicted the drop from $10,000 to $8,000 is showing that the bear trend has ended.<\/a> A derivative of this model, which was backtested to 80% accuracy, found a similar trend.<\/p>\n What’s interesting is that institutions are picking up on this trend. We reported this weekend<\/a> that institutional accounts \u2014 pension funds, endowments, insurance companies, mutual funds & portfolio\/investment managers with institutional clients \u2014 have started to accumulate Bitcoin long positions via the CME futures market yet again. Right now, this subset\u2019s long holdings sit at just over 1,100 BTC \u2014 up dramatically from the near-zero seen at the end of September.<\/p>\n While the case for Bitcoin bulls is clearly going, the cryptocurrency is not yet in the clear as some optimists have suggested. As observed in a previous report<\/a>, the leading cryptocurrency is about to see what is known as a “death cross” \u2014 when a \u00a0short-term moving average, often the 50-day as it is indicative of short-term trends, crosses below a long-term moving average, often the 200-day. As\u00a0Investopedia accurate<\/a>ly defines the term,\u00a0\u201cThe death cross is a technical chart pattern indicating the potential for a major selloff.\u201d<\/p>\n Should this technical pattern come to fruition on Bitcoin\u2019s chart, it will show that bears have control of this market. As an analyst, Chonis<\/a>, pointed out, the last death cross, which was observed in 2018, marked the commencement of a long-term price correction.<\/p>\n $BTC<\/a> – \u201cDeath Cross\u201d setting up on or about 10days \u201cish\u201d from now …check out what happened in 2018 when the MA50 crossed down into the MA200 on the daily #bitcoin<\/a> chart… pic.twitter.com\/GkodPsv38g<\/a><\/p>\n — BIG Chonis (@BigChonis) October 17, 2019<\/a><\/p><\/blockquote>\nRelated Reading: Crypto Analyst Calls As Low As $300 Bitcoin, Cites Lack of Demand<\/a><\/h6>\n
Bullish Bitcoin Signs Abound<\/strong><\/h2>\n
Related Reading: Banks At Risk of Extinction Shows Why The World Needs Bitcoin<\/a><\/h6>\n
Still in Hot Water<\/strong><\/h2>\n
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