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Bitcoin Is Close to Flashing “Rare Buying Signal” That Preceded 400 Percent Rally in 2019

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    The Bitcoin price downturn might have been very short-lived with another huge quarter on the horizon 

Cover image via news.u.today
Contents

According to DTAP Capital founder Dan Tapiero, Bitcoin’s daily chart is about to show a “perfect TD 9 buy signal.”

Last time it happened, Bitcoin was trading at $3,600 in January 2019 without any sign of an upcoming 400 percent rally that peaked at $13,700 in June.

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A major buying opportunity

The indicators developed by market technician Tom Demark have proven to be very effective when it comes to analyzing market trends in-depth (although, they are not as widely used by traders as the RSI or MACD).

The aforementioned tweet specifically focuses on the TD Sequential. This number indicator helps traders to spot an ideal buying opportunity. When a certain asset posts nine consecutive closes lower than the close four bars before that, it might be a sure-fire sign that the asset has already bottomed out.

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The bearish momentum

Just like any other indicator, this doesn’t guarantee a trend reversal given that the market sentiment might be way too strong for such a U-turn.

As reported by U.Today, Bitcoin experienced a high-volume breakdown of the descending triangle, which pushed its price to the current $8,000 level.

After this precipitous drop, there was a knee-jerk reaction among the bears to call this bull market into question.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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