• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

A Signal Last Seen Before Bitcoin Plunged to $3,700 Is About to Return

Nick Chong by Nick Chong
10 months ago
in Bitcoin
Reading Time: 3min read
Bitcoin
Advertisement

To many, determining which direction Bitcoin trends from here is a coin toss. One trader shared the image below with the caption: “You guys still trading this garbage? I’m not doing anything until one of these lines gets hit.”

That’s to say, the analyst isn’t taking a trading position in Bitcoin because he has no idea where it will go first.

Image

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
BTC range chart shared by chartist/technician Byzantine General (@Byzgeneral on Twitter). Chart from TradingView.com

Unfortunately for bulls, the evidence is starting to melt that a correction is more likely than a rally.

Bitcoin Could Be Subject to a Steep Correction, Indicator Shows

Bitcoin’s price action has effectively been flat over the past eight weeks. But a crucial indicator suggests that a bearish undercurrent has formed as BTC has consolidated around $9,000.

A trader shared the below chart on July 3rd, showing that BTC is forming a bearish trend as per the Tom Demark Sequential. The TD Sequential is a time-based indicator that signals trends and inflection points in an asset’s rallies or corrections.

“With a couple more days left in the weekly candle, Bitcoin is on a Red 2 below a Red 1 which would signal a short trade on a weekly timeframe, all in the context after a perfected Green TD9 the first week of June.”

They added that Bitcoin last looked like this per the TD Sequential in early March, prior to the crash to $3,700.

Image

Bitcoin price chart shared by crypto trader "Big Chonis" (@Bigchonis on twitter). Chart from TradingView.com

The bearish signal poised to be registered by the TD Sequential isn’t the only signal tying Bitcoin’s recent price action to the February top.

Not the Only Bearish Sign

Below is a chart from an Ichimoku Cloud specialist showing that Bitcoin is looking structurally similar to how it looked prior to the March crash.

As the trader annotated on the chart below, four Ichimoku Cloud signals that were present then are present now.

Image

Bitcoin Ichimoku Cloud analysis by trader "Ichimoku Scholar" (@Ichimokuscholar on Twitter). Chart from TradingView.com

Considering the confluence, it is no wonder that institutional traders involved with Bitcoin are being careful.

As reported by NewsBTC previously, CME futures data shows that institutions have been building a net short position in Bitcoin. One trader shared the image below at the end of June, showing that “institutional traders” on the CME are cumulatively shorting 2,038 contracts.

The last time institutional traders were as bearish as they are now was in February, prior to the crash to $3,700.

Bitcoin

BTC price chart with CME's Commitment of Traders report data. Chart from TradingView.com; made by Byzantine General (@Byzgeneral on Twitter).
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
A Signal Last Seen Before Bitcoin Plunged to $3,700 Is About to Return
Tags: bitcoin pricebtcusdBTCUSDTtechnical analysisxbtusd
TweetShare16
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Latest Bitcoin Dip Did Little In Offsetting "Wildly Bullish" Bias; Here's Why

Latest Bitcoin Dip Did Little In Offsetting “Wildly Bullish” Bias; Here’s Why

4 hours ago
Billionaire Puts £175mn London Apartment up For Sale, Will Accept Bitcoin

Billionaire Puts £175mn London Apartment up For Sale, Will Accept Bitcoin

5 hours ago
bloody bitcoin

Coinbase COIN Debuts To A Bloody Bitcoin, But Bullish Structure Remains

16 hours ago
Brandt: You’re Doing it Wrong if You Accumulate Dollars Over Bitcoin

Brandt: You’re Doing it Wrong if You Accumulate Dollars Over Bitcoin

1 day ago
Bitcoin BTC BTCUSD

How An Ex-CIA Director Proved Bitcoin Use in Crime is Declining

2 days ago
Bitcoin BTC BTCUSD

Bitcoin Funding Flips Bullish, But Are Liquidations Imminent?

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

Sign up and Get Free $30 Coupon With Nhash Cloud Mining Services

April 15, 2021

On CROSS, NFT Loans is supported

April 15, 2021

Here Come NFT + Games! WaykiChain and Chongqing Mebius Join Hands in a Strategic Partnership

April 15, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.