{"id":423170,"date":"2020-05-08T09:00:28","date_gmt":"2020-05-08T09:00:28","guid":{"rendered":"https:\/\/wncen.com\/?p=423170"},"modified":"2024-06-11T13:48:25","modified_gmt":"2024-06-11T13:48:25","slug":"sorry-bulls-bitcoin-prints-perfect-sell-setup-last-seen-at-februarys-10k-top","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/sorry-bulls-bitcoin-prints-perfect-sell-setup-last-seen-at-februarys-10k-top\/","title":{"rendered":"Sorry Bulls: Bitcoin Prints Perfect Sell Setup Last Seen at February’s $10k Top"},"content":{"rendered":"

After weeks of bullish price action, Bitcoin finally topped $10,000 today, rallying as high as $10,100 on the back of an influx of buying pressure.<\/p>\n

Many say that this recent move sets the stage for even greater growth, but a trader recently argued that BTC printed a “perfected” sell setup. The setup was the exact same one seen at 2020’s highs of $10,500 and indicates that downside is currently imminent.<\/p>\n

Top Indicator Just Printed a “Perfect” Bitcoin<\/h2>\n

According to one top trader, Bitcoin’s two-day chart just printed a Tom Demark Sequential (TD Sequential) “9” \u2014 last seen at the peak of the Q1 2020 bull run at $10,500. What followed was a steep decline of over 60% towards $3,700.<\/p>\n

“9” TD Sequential candles are often seen at reversal points in markets, as evidenced in the chart below.<\/p>\n

\"Bitcoin
Chart from @Moe_mentum_<\/figcaption><\/figure>\n

Along with the “9” candle on the two-day chart, the Sequential flashed a bearish signal on another Bitcoin time frame.<\/p>\n

According to Joe McCann<\/a> \u2014 a Cloud\/AI specialist at Microsoft and crypto trader \u2014 the TD Sequential just printed a “13” candle on Bitcoin’s one-day time frame.<\/p>\n

Some say that this TD Sequential signal is more notable than “9” as “13” candles were seen at the top of BTC’s bull run in the middle of 2019 at $14,000 and at the $6,400 lows seen in December 2019.<\/p>\n

\"Bitcoin
Chart from Joe McCann, crypto trader<\/figcaption><\/figure>\n

This lines up with the fears that Bitcoin will crash in the wake of the halving<\/a>, just four days away according to estimates.<\/p>\n

Speaking to Bloomberg,<\/a> Christel Quek, chief commercial officer and co-founder at Bolt Global, remarked:<\/p>\n

\u201cThis is an unprecedented time as liquidity remains a priority for investors fleeing equity markets. Therefore, while Bitcoin should rise into\u00a0$10,000<\/span>s after the halving, it could be followed with a price drop as investors engage in profit taking. No level of technical support can stand when the economy is drained.\u201d<\/p><\/blockquote>\n

Meltem Demirors, CSO of crypto research firm and investment fund CoinShares, echoed this skepticism. She proposed that we will get a classic \u201cbuy the rumor, sell the news\u201d event, whereas prices will drop as halving subsides.<\/p>\n

Long-Term Bull Trend Remains Intact<\/strong><\/h2>\n

Despite these fears of a short to medium-term retracement, analysts believe that the market outlook remains decisively bullish.<\/p>\n

Kelvin Koh, partner at crypto fund The Spartan Group and a former Goldman Sachs partner, wrote<\/a> that “2020 is shaping up to be a bullish year for crypto.”<\/p>\n

Backing this sentiment he identified a swath of trends that will likely decrease demand for digital assets which includes but is not limited to: the Bitcoin halving, the adoption of DeFi, stablecoins gaining adoption, regulatory clarity on cryptocurrency, and a new crypto fund from a top VC.<\/a><\/p>\n

\n

2020 is shaping up to be a bullish year for crypto.<\/p>\n

– BTC\/BCH\/BSV Halving
– DeFi growth on ETH
– Launch of Polkadot, Solana, Near
– Exponential growth of stablecoins
– Germany, S Korea, India approved crypto
– Unscathed by most severe crisis in a century
– A16Z new $515M fund<\/p>\n

— Kelvin Koh (@SpartanBlack_1) May 5, 2020<\/a><\/p><\/blockquote>\n