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

  • Alex Dovbnya
    📰 News

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

Bitcoin Is Close to Flashing “Rare Buying Signal” That Preceded 400 Percent Rally in 2019
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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Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  •  Denis Sinyavskiy
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    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency
Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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