• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Bitcoin Shows Same Buy Signal Seen at 2018 Bottom of $3,150

Nick Chong by Nick Chong
3 years ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

With Bitcoin collapsing by 5% in the past days, moving from $7,150 to $6,750 as of the time of writing this, traders have once again flipped decidedly bearish on cryptocurrencies.

Related Reading: Could Post Crypto Bubble Bitcoin Follow Dot Com Crash NASDAQ Chart?

They fear that this latest move under the key support of $7,000 will precede a strong capitulation event, one reminiscent of the collapse from $6,000 to $3,000 seen in late-2018.

What’s ironic, though, is that this latest drop has resulted in the Bitcoin chart printing a key bullish technical signal purportedly that was seen when BTC found a macro bottom in December 2018.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bitcoin Indicator Prints Key Buy Signal

Thomas Thornton, a hedge fund services specialist and market analyst, recently posted the chart below to Twitter, showing that a Bloomberg chart of Bitcoin with the TD Sequential Combo indicator suggests that BTC’s current candle is on a “buy 13.”

Bitcoin with new DeMark Combo and Sequential buy Countdown 13's. Needed to confirm is a price flip up (new 4 day closing high) pic.twitter.com/7SCPVxxFfU

— Thomas Thornton (@TommyThornton) December 17, 2019

13 candles, the TD Sequential suggests, are indicative of impending price reversals.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
Related Reading: This Analyst Says a Bitcoin Target Of $50,000 To $100,000 by 2021 Is “Tame”

Not only is the 13 TD Sequential candle inherently indicative of a reversal, but such candles have also marked macro swing levels at least twice in Bitcoin’s history.

Per previous reports from NewsBTC, Tom Demark, the creator of the TD Sequential, took to Bloomberg earlier this year to talk about cryptocurrencies.

In his segment, Demark revealed that a 13 candle, which signifies a strong trend reversal, was registered by the TD Sequential when Bitcoin hit $20,000 in December 2017, and that another 13 candle, was seen when BTC cratered to $3,150 on December 14th. What’s more, a 13 candle was printed at the $14,000 top seen in June of this year.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

The historical importance of 13 candles in terms of Bitcoin’s long-term price trends implies that BTC has finally bottomed and, as such, is ready to see a strong bullish reversal from here.

Not Only Positive Sign

This isn’t the only sign that suggests a reversion to a bull trend is likely. Per previous reports from this outlet, Adaptive Capital partner Willy Woo recently noted that on-chain momentum, which the popular analyst has long claimed is correlated with Bitcoin’s macro price trends, is “crossing into bullish” territory after a multi-month downturn.

With this in mind, he asserted that the “bottom is most likely in,” meaning that any move lower than the $6,500 plunge “will be just a wick in the macro view.”

On-chain momentum is crossing into bullish. Prep for halvening front running here on in. Can't say what this indicator is, as it's proprietary to @AdaptiveFund, but it tracks investor momentum. The bottom is mostly likely in, anything lower will be just a wick in the macro view. pic.twitter.com/WqiPRpweUv

— Willy Woo (@woonomic) December 7, 2019

Bear Factors Remain in Bitcoin Market

Despite these factors, there remain bearish wildcards in the cryptocurrency market, two wildcards in fact. These are the potential selling pressure from the PlusToken pyramid scheme and miner capitulation concerns.

Per previous reports from NewsBTC, the PlusToken cryptocurrency scam, which managed to procure billions worth of digital assets over its year or so in existence, has slowly been liquidating its proceeds on the open market, resulting in continual, excessive selling pressure.

There’s also fears that Bitcoin miners are selling their mined cryptocurrencies due to the fact that many miners are running unprofitable ventures.

Related Reading: Former IMF Economist: Current Bitcoin Trend is “Textbook Echo Bubble”
Featured Image from Shutterstock
Tags: analysisbitcoinsequentialTom Demark
Tweet123Share196ShareSend
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

Bitcoin Miners Suffer Over $1 Billion Loss In Q2 2022

Bitcoin Miners Suffer Over $1 Billion Loss In Q2 2022

46 mins ago
Bitcoin

Outflows Rock Bitcoin As Institutional Investor Sentiment Starts To Turn

6 hours ago
Bitcoin Still Very Bearish, Says Peter Schiff

Bitcoin Still Very Bearish, Says Peter Schiff

1 day ago
Bitcoin Funding Rates Remain Positive As Bullish Sentiment Continues

Bitcoin Funding Rates Remain Positive As Bullish Sentiment Continues

1 day ago
Bitcoin

Quant Explains How Bitcoin NUPL Cycles Are Getting Less Volatile With Time

2 days ago
Taro Taro Taro

Lightning Speed: Taro Wants To Abolish Cross-Border Payments, Disrupt The Market

3 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Celebrities Back IBAT at Battle Infinity Launch Party

August 16, 2022

Go Around the World with 1xBit and Win Crypto

August 16, 2022

Upcoming MetaShooter NFT sale on the biggest platforms on 17th of August! Hidden gem just revealed!

August 16, 2022

Investors Should Buy These Cryptos Today: Uniglo (GLO), Bitcoin (BTC) And Fantom (FTM)

August 16, 2022

Gnox (GNOX) Causing Polygon (MATIC) And Avalanche (AVAX) Investors To Bridge Over After Presale 100% Sold

August 16, 2022

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

Crypto Prices from Nomics

Cryptocurrency news

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

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 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.