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bitcoin perfect

Why Bitcoin May Have Completed The “Perfect” Pullback

Tony "The Bull" by Tony "The Bull"
1 month ago
in BTC
Reading Time: 3 mins read

Bitcoin price is trading at around $27,000 per coin after failing to hold above $30,000. Crypto market sentiment would suggest that BTC is already back at lows, ready for a fresh decline.

However, if a perfected TD buy setup is an indication, then BTC might have just finished its pullback and is ready to continue upward with renewed momentum.

A Perfect Pullback For Buying The Dip In Bitcoin?

The cryptocurrency community has been on a rollercoaster ride of emotions the past several weeks. Bitcoin’s early 2023 rally caught bears by surprise. Rising beyond $30,000, however, was an opportunity to strike while bulls were blinded by euphoria from recent returns.

Much more quickly than bulls became exuberant over the top crypto asset by market cap doubling in value since bear market lows, bears are celebrating a continuation of crypto winter without so much as a sign of a symbolic snowflake.

Related Reading: Time To Pay Attention: Bitcoin Reaches “Logical” Level

Another sign has triggered elsewhere. In this case, a perfected TD8 buy setup has appeared on daily BTCUSD spot exchange charts. A perfected signal arrives when a new low is made. The buy setup usually reaches a full TD9 count, but has perfected ahead of schedule. This could still mean another low to put in a perfected TD9, but the 8-count could also do the trick.

BTCUSD_2023-04-24_13-34-33

Will Bitcoin bounce on the perfected TD8? | BTCUSD on TradingView.com

BTCUSD Triggers TD8 Setup On Daily Price Charts

The TD Sequential is a market timing tool created by Thomas Demark. It counts a sequence of up and down candles, until the sequence is satisfied, and the count reaches 9. If the TD9 setup fails to produce the expected reversal, a countdown to TD13 begins.

Related Reading: Brace Yourself: The Most Explosive Move In Bitcoin In Years Has Begun

A TD13 signals trend exhaustion. Both the TD9 and 13 don’t necessarily guarantee a reversal, but it does improve the probability if at a key level. The tool has worked well on the buy side of BTCUSD daily charts since the local bottom was put in.

As you can see, past perfected TD setups led to an immediate upside reaction. However, it is important to note that each of the above signals are TD9s and not a TD8. As notable as the signal appearing today is, the reaction over the next 24-48 hours is what matters the most.

If BTCUSD fends off more significant downside and buying kicks in here at this signal, it could tell the market the correction is over, and the bull run is going to continue.

Follow @TonyTheBullBTC & @coinchartist_io on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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