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Home Cryptocurrency news Bitcoin

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

Tony Spilotro by Tony Spilotro
7 months ago
in Bitcoin
Reading Time: 2min 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.

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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.

Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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