More

    Why Bitcoin Could Sweep Lows Before A Bounce

    Bitcoin price is consolidating above $35,000, trying to build enough support to make an attempt at returning to local highs. Once there, if or not the bull run is still on will become a lot clearer.
    But before that happens, there could be one more deep sweep of lows, according to a highly accurate market timing indicator. Here’s what the TD Sequential indicator – created by market timing wizard Thomas Demark – says about the current price action and what to expect in the days ahead.
    Why Bitcoin Price Could Sweep Lows Before A Bounce Is Here
    The top cryptocurrency by market cap just saw the close of one of the worst monthly candles on record, calling into question if the bull run market structure is in tact, or if the cycle has fizzled out long before anyone anticipated.
    Each market cycle has been lengthening thus far, yet this recent cycle would be capped off at only 26 months since the bottom. Most signs suggest it just isn’t yet time for the greater underlying trend to have ended.
    Related Reading | Five Signs That The Bitcoin Bottom Is In
    Bitcoin price is now building support after a vicious selloff that wiped more than $30,000 out from the price per coin.  Surely that’s enough downside – right?
    According to the TD Sequential indicator on multiple timeframes, price action could take the first ever cryptocurrency another level lower, sweeping lows before a meaningful bounce.

    There is an 8 count on most timeframes on the TD Sequential | Source: BTCUSD on TradingView.com
    The Wizard Of Market Timing: All About The TD Sequential
    The TD Sequential indicator is a market timing indicator created by Thomas Demark. All of Demark’s highly regarded tools are focused on timing, and less-so the price of Bitcoin or other assets.
    The timing is based on a sequence of candles resulting in a buy or sell signal when a nine count is reached. An eight count can sometimes produce the bounce that crypto holders are hopeful for, however, a “perfected” nine setup is what they really want.
    Related Reading | Lack Of “Capitulation” Volume Suggests Bitcoin Is Doomed To More Downside
    The reason why crypto investors won’t like the setup that’s to come, is because for the nine candle to “perfect” the candle must fall deeper than the lows of the previous candles. Eight counts can also perfect and prompt a reversal, but because there’s so many eight counts across multiple timeframes on Bitcoin price, the probability of more downside and one of these candles perfecting is just too high to ignore.
    Aside from the buy signal that’s to come, technicals are extremely bullish on Bitcoin. Is this the “perfect” opportunity to buy one last time?
    Featured image from iStockPhoto, Charts from TradingView.com

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 41,192.00
    ethereum
    Ethereum (ETH) $ 2,440.22
    tether
    Tether (USDT) $ 1.00
    binance-coin
    Binance Coin (BNB) $ 327.83
    cardano
    Cardano (ADA) $ 1.30
    xrp
    XRP (XRP) $ 0.739871
    dogecoin
    Dogecoin (DOGE) $ 0.206766
    usd-coin
    USD Coin (USDC) $ 0.998949
    polkadot
    Polkadot (DOT) $ 16.27
    binance-usd
    Binance USD (BUSD) $ 0.999497
    uniswap
    Uniswap (UNI) $ 21.13
    bitcoin-cash
    Bitcoin Cash (BCH) $ 538.55
    chainlink
    Chainlink (LINK) $ 21.40
    litecoin
    Litecoin (LTC) $ 142.33
    solana
    Solana (SOL) $ 33.82
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 41,192.00
    matic-network
    Polygon (MATIC) $ 1.04
    stellar
    Stellar (XLM) $ 0.285085
    ethereum-classic
    Ethereum Classic (ETC) $ 50.40
    theta-token
    Theta Network (THETA) $ 6.04
    internet-computer
    Internet Computer (ICP) $ 41.62
    vechain
    VeChain (VET) $ 0.087106
    dai
    Dai (DAI) $ 1.00
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022088
    okb
    OKB (OKB) $ 18.25
    filecoin
    Filecoin (FIL) $ 51.25
    cdai
    cDAI (CDAI) $ 0.021554
    tron
    TRON (TRX) $ 0.063532
    terra-luna
    Terra (LUNA) $ 10.63
    monero
    Monero (XMR) $ 234.74
    aave
    Aave (AAVE) $ 314.24
    eos
    EOS (EOS) $ 4.03
    compound-ether
    cETH (CETH) $ 48.99
    ftx-token
    FTX Token (FTT) $ 34.39
    amp-token
    Amp (AMP) $ 0.073392
    cosmos
    Cosmos (ATOM) $ 12.49
    neo
    NEO (NEO) $ 45.68
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.127314
    pancakeswap-token
    PancakeSwap (CAKE) $ 15.61
    shiba-inu
    Shiba Inu (SHIB) $ 0.000006
    leo-token
    LEO Token (LEO) $ 3.04
    the-graph
    The Graph (GRT) $ 0.609092
    algorand
    Algorand (ALGO) $ 0.833576
    celsius-degree-token
    Celsius Network (CEL) $ 6.18
    bitcoin-sv
    Bitcoin SV (BSV) $ 138.64
    maker
    Maker (MKR) $ 2,885.71
    klay-token
    Klaytn (KLAY) $ 1.04
    tezos
    Tezos (XTZ) $ 3.00
    iota
    IOTA (MIOTA) $ 0.875222
    axie-infinity
    Axie Infinity (AXS) $ 42.81