{"id":431671,"date":"2020-07-21T15:40:03","date_gmt":"2020-07-21T15:40:03","guid":{"rendered":"https:\/\/wncen.com\/?p=431671"},"modified":"2024-06-11T14:05:29","modified_gmt":"2024-06-11T14:05:29","slug":"fakeout-or-breakout-technicals-suggest-bitcoin-is-bound-for-a-correction","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/fakeout-or-breakout-technicals-suggest-bitcoin-is-bound-for-a-correction\/","title":{"rendered":"Fakeout or Breakout? Technicals Suggest Bitcoin Is Bound For a Correction"},"content":{"rendered":"

Bitcoin\u2019s lackluster price action reached a pivotal point throughout July. As the range where it was trading was narrowing over time, BTC\u2019s price reached the lowest levels of volatility ever recorded in its 11-year history, according<\/a> to Arcane Research.\u00a0<\/span><\/p>\n

\u201cWith only 11 days left of July, we\u2019re currently seeing the tightest monthly price range in Bitcoin\u2019s history! We have never seen a price range this low (currently 6%), with the all-time low being 9% from May 2015,\u201d said data-driven analytics firm.<\/span><\/p><\/blockquote>\n

\"Bitcoin's<\/p>\n

Bitcoin's Monthly Price Range Hits New All-Time Low. (Source: Arcane Research<\/a>)<\/pre>\n
Nevertheless, the flagship cryptocurrency kicked off Tuesday with a bang. Its price appreciated by 2.90% to hit an intraday high of $9,440. The bullish price action got many market participants excited about what the future holds for Bitcoin, but a particular technical index suggests that the upswing could be part of a fakeout.\u00a0<\/span><\/p>\n
The TD Sequential Turns Bearish On Low Time Frames<\/span><\/h2>\n
The Tom Demark (TD) Sequential indicator has been crucial in identifying Bitcoin\u2019s price action. Not only was this gauge able to anticipate in mid-February that BTC was poised for a steep decline, but in mid-March, it presented a buy signal that led to its run-up to $10,000 before the halving.\u00a0<\/span><\/p>\n
Now that the pioneer cryptocurrency has posted significant gains over the past few hours, the TD setup estimates that a pullback is underway.\u00a0<\/span><\/p>\n
Based on BTC\u2019s 45-min, 30-min, and 15-min charts, the renowned index presented sell signals in the form of green nine candlesticks. These bearish formations forecast a one to four candlesticks correction or the beginning of a new downward countdown.\u00a0<\/span><\/p>\n
\"Bitcoin<\/p>\n
TD Setup Presents Sell Signal For Bitcoin Across Multiple Time Frames. (Source: TradingView<\/a>)<\/pre>\n
A red two candlestick trading below a preceding red one candle, within any of the time frames previously mentioned, can serve as confirmation of the pessimistic outlook.\u00a0<\/span><\/p>\n
Massive Support Wall Ahead<\/span><\/h2>\n
If sell orders begin to pile up, IntoTheBlock\u2019s \u201cIn\/Out of the Money Around Price\u201d (IOMAP) model suggests there is a considerable supply barrier that may prevent Bitcoin from a steep decline. Based on this on-chain metric, the area between $9,130 and $9,400 is on the most significant support walls ahead of the bellwether cryptocurrency.\u00a0<\/span><\/p>\n
Around these price levels, roughly 3 million addresses had previously purchased nearly 1.80 million BTC.<\/span><\/p>\n
Holders within this price range may try to remain profitable in the event of a downswing. They may even buy more Bitcoin to allow its price to bounce back up.<\/span><\/p>\n
\"In\/Out<\/p>\n
Massive Support Barrier Ahead of Bitcoin. (Source: IntoTheBlock<\/a>)<\/span><\/pre>\n
On the flip side, the IOMAP cohorts show that approximately 1.20 million addresses bought over 800,000 BTC between $9,420 and $9,700. If Bitcoin is able to move past this hurdle, it would likely be able to resume<\/a> the uptrend seen in the past few hours.\u00a0<\/span><\/p>\n
Featured Image by Depositphotos\r\nPrice tags: btcusd\r\nChart from TradingView.com<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin\u2019s lackluster price action reached a pivotal point throughout July. As the range where it was trading was narrowing over time, BTC\u2019s price reached the lowest levels of volatility ever recorded in its 11-year history, according to Arcane Research.\u00a0 \u201cWith only 11 days left of July, we\u2019re currently seeing the tightest monthly price range in Bitcoin\u2019s history! We have never seen a price range this low (currently 6%), with the all-time low being 9% from May 2015,\u201d said data-driven analytics firm. Bitcoin’s Monthly Price Range Hits New All-Time Low. (Source: Arcane Research) Nevertheless, the flagship cryptocurrency kicked off Tuesday with a bang. Its price appreciated by 2.90% to hit an intraday high of $9,440. The bullish price action got many market participants excited about what the future holds for Bitcoin, but a particular technical index suggests that the upswing could be part of a fakeout.\u00a0 The TD Sequential Turns Bearish On Low Time Frames The Tom Demark (TD) Sequential indicator has been crucial in identifying Bitcoin\u2019s price action. Not only was this gauge able to anticipate in mid-February that BTC was poised for a steep decline, but in mid-March, it presented a buy signal that led to its run-up to $10,000 before the halving.\u00a0 Now that the pioneer cryptocurrency has posted significant gains over the past few hours, the TD setup estimates that a pullback is underway.\u00a0 Based on BTC\u2019s 45-min, 30-min, and 15-min charts, the renowned index presented sell signals in the form of green nine candlesticks. These bearish formations forecast a one to four candlesticks correction or the beginning of a new downward countdown.\u00a0 TD Setup Presents Sell Signal For Bitcoin Across Multiple Time Frames. (Source: TradingView) A red two candlestick trading below a preceding red one candle, within any of the time frames previously mentioned, can serve as confirmation of the pessimistic outlook.\u00a0 Massive Support Wall Ahead If sell orders begin to pile up, IntoTheBlock\u2019s \u201cIn\/Out of the Money Around Price\u201d (IOMAP) model suggests there is a considerable supply barrier that may prevent Bitcoin from a steep decline. Based on this on-chain metric, the area between $9,130 and $9,400 is on the most significant support walls ahead of the bellwether cryptocurrency.\u00a0 Around these price levels, roughly 3 million addresses had previously purchased nearly 1.80 million BTC. Holders within this price range may try to remain profitable in the event of a downswing. They may even buy more Bitcoin to allow its price to bounce back up. Massive Support Barrier Ahead of Bitcoin. (Source: IntoTheBlock) On the flip side, the IOMAP cohorts show that approximately 1.20 million addresses bought over 800,000 BTC between $9,420 and $9,700. If Bitcoin is able to move past this hurdle, it would likely be able to resume the uptrend seen in the past few hours.\u00a0 Featured Image by Depositphotos Price tags: btcusd Chart from TradingView.com<\/p>\n","protected":false},"author":529,"featured_media":431675,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1119,1144,78790,76835],"class_list":["post-431671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nFakeout or Breakout? Technicals Suggest Bitcoin Is Bound For a Correction<\/title>\n<meta name=\"description\" content=\"Bitcoin\u2019s lackluster price action reached a pivotal point throughout July. 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