{"id":413925,"date":"2020-02-08T02:00:44","date_gmt":"2020-02-08T02:00:44","guid":{"rendered":"https:\/\/uniquehot.com\/?p=413925"},"modified":"2024-06-11T08:35:19","modified_gmt":"2024-06-11T08:35:19","slug":"key-indicator-called-bitcoin-6400-bottom-flipping-bearish","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/key-indicator-called-bitcoin-6400-bottom-flipping-bearish\/","title":{"rendered":"Indicator That Signaled Bitcoin’s Bottom at $6,400: Price on Verge of Steep Pullback"},"content":{"rendered":"

If you’ve been involved in Bitcoin or crypto investment at all over the past two years, you likely know of the TD Sequential. <\/a><\/p>\n

The technical indicator, created by Point 72 consultant Tom Demark, has long been a staple of trading suites of crypto<\/a> investors, giving these individuals a way through which they can figure where assets have found macro reversal points.<\/p>\n

Indeed, as Demark noted in a recent interview with Bloomberg<\/a>, his indicator printed a “13” candle (a reversal candle) when Bitcoin hit $20,000 in December 2017, when BTC cratered to $3,150 on December 14th of 2018, and at the $14,000 top in June of 2019.<\/p>\n

Related Reading: A Major Ethereum Signal Just Flashed. Last Time it Did, ETH Surged 400%<\/a><\/h6>\n

In other words, his indicator managed to call the three most important inflection points of Bitcoin\u2019s entire price trend over the past few years, giving the TD Sequential a great track record.<\/p>\n

Thus, it should be noted that there is growing downside risk in the crypto market, for the Sequential has once again started to print a signal, and it could be bearish.<\/p>\n

Bitcoin Price Could Soon Reverse, Key Indicator Suggests<\/strong><\/h2>\n

Over the past 50 days, Bitcoin has found itself in the midst of a strong recovery. Few expected this, save for Thomas Thorntown<\/a> of Hedge Fund Telemetry, who on December 17th noted that BTC was forming a TD Sequential 13 candle when prices were well under $7,000, suggesting an impending reversal.<\/p>\n

And that BTC did, reversing strongly and rallying over the course of a few weeks as high as $9,850 earlier today. Though, this uptrend may soon come to an end.<\/p>\n

The same indicator that has proved so accurate for Bitcoin has once again issued a signal, as hinted at earlier. And this time, it’s more bearish than bullish.<\/p>\n

Thornton noted in a tweet published Friday morning that he recommends his followers to start “selling long today and go neutral,” citing the fact that the Sequential is one day from forming a 13 candle the same way it formed at the $6,400 bottom.<\/p>\n

If the 13 forms, the historical precedent of the indicator’s accuracy would suggest that BTC is in for a strong pullback over the next couple of weeks. While Thornton didn’t give a target, popular crypto analyst Mayne on Twitter recently said that he expects to soon see an over $1,000 pullback, which would imply prices in the $8,000s.<\/p>\n

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#BITCOIN<\/a> update. Recommending selling long today and go neutral. Maybe a little early with pending DeMark Sequential Countdown 13. Up 52% from buy recommendation in December when there were DeMark buy Countdown 13's cc @DTAPCAP<\/a> @RaoulGMI<\/a> @MarkYusko<\/a> @APompliano<\/a> pic.twitter.com\/m0D9wpjOSm<\/a><\/p>\n

— Thomas Thornton (@TommyThornton) February 7, 2020<\/a><\/p><\/blockquote>\n