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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Fund Manager Neutral On Bitcoin As Momentum Flattens, When Will a Decision Be Made?

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
bitcoin momentum neutral

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After a strong rise over the last several months, momentum in Bitcoin has been waning, prompting one analyst that has thus far been long BTCUSD, to flip neutral.

A break in sideways price action and a return to volatility is expected soon, but which way will the first-ever cryptocurrency head next?

Hedge Fund Manager Prepares to Short Bitcoin Under $9,000 As Momentum Wanes

In February 2020, Bitcoin price broke up through downtrend resistance but failed to hold above $10,000.

On its way back down, news broke the pandemic was going to cause a large strain on the economy due to the lockdown conditions mandated to stop the aggressive spread.

This prompted a catastrophic selloff across cryptocurrencies and the greater financial market. Cryptocurrencies were decimated, the stock market tanked, and even safe-haven assets like gold and silver couldn’t withstand the sudden liquidity crisis.

Related Reading | Decision Time: Top Crypto Traders Expect Massive Bitcoin Move In Days Ahead 

After the dust settled, Bitcoin and equities markets began to flourish again. At that time, hedge fund manager Thomas Thornton took a long trade on BTCUSD based on a signal from the TD Sequential indicator made by Thomas DeMark.

He was able to ride the uptrend for significant profits, closing out with one of the recent 13 Countdown signals.

The new DeMark Sequential provides different types of buy or sell setups and signals. The latest sell signal has prompted Thornton to stay neutral on Bitcoin, until either a push higher or a break below $9,000.

According to Thornton, any price action below $9,000 would be a signal to short BTCUSD down to lower prices.

#Bitcoin with new DeMark Sequential sell Countdown 13. No current position – short <9000 pic.twitter.com/ZBM91e0KEA

— Thomas Thornton (@TommyThornton) June 17, 2020

The Cryptocurrency’s Continued Correlation With the S&P 500 Could Cause Strong Breakout

Bitcoin price, however, has been tightly correlated to the S&P 500 throughout much of 2020.

Both assets were cut down to size during the Black Thursday selloff, and both have made a V-shaped recovery since. Now, the two vastly different assets are both trying to confirm this V-shaped recovery as a bottom formation, and make a strong push higher.

$SPX futures current view. Potential for a little more upside ahead of DeMark Sequential Sell Countdown. Similar secondary sell Countdowns seen in Jan/Feb too If you want to see more take a two week free trial at https://t.co/VlbTlbjAOw pic.twitter.com/GkNf9TpoMg

— Thomas Thornton (@TommyThornton) June 17, 2020

Using the same set of DeMark tools, Thornton sees the S&P 500 pushing higher in the days ahead to perfect a sell setup the hedge fund manager is watching closely.

Given how tightly correlated the two assets have been, chances are if the S&P 500 makes another strong move up, so will Bitcoin.

Related Reading | Bitcoin Following Scarily Similar S&P 500 Fractal Would Set New All-Time High By Late 2020 

The S&P 500 would reclaim its all-time high – a level it is currently not all that far off from.

Bitcoin on the other hand, would likely breakout from $10,000 resistance, but to retest its former all-time high, it would take another $10,000 rise from there to reach $20,000.

Although it is highly unlikely, this is cryptocurrency we’re talking about, and anything is possible. After over 50 days of consolidation, although momentum may be flattening as Thornton points out, a breakout above the resistance could cause one of Bitcoin’s strongest moves ever.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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