Sell Setup Combo On Bitcoin Coincides With Ominous Astrological Event

Tony "The Bull" Severino

Last Updated: June 11, 2024 2:07 pm

3 mins read

bitcoin td 9 13 mercury retrograde td sequential

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Bitcoin price has fallen more than $400 from yesterday’s peak. The drop happened abruptly as the daily candle closed and turned to October 13th’s trading session.

The collapse also coincides with two sell setups triggering, and the start of an ominous astrological event that historically has created turmoil for both people in general, and also for Bitcoin. Here’s how this short-lived phase has impacted crypto in the past, and how the combination of sell setups triggering could set off a series of downward movements in the days ahead.

One-Two Crypto Combo: TD 9 & 13 Sell Setup Triggers On BTCUSD Daily

Bullish news that the Jack Dorsey-led Square, Inc. had added 4709 BTC to its corporate treasury reserves sent Bitcoin price flying $1,000 in just a handful of days.

After such a sharp move up, the most dominant crypto asset in the space is already down $400 from yesterday’s high. As soon as the clock struck 8:00 PM ET and the new daily candle opened, a selloff took place.

The new candle open also triggered not one but two sell setups on the TD Sequential indicator that traders clearly followed. The TD Sequential, as its name implies, provides buy or sell setups depending on if a specific sequence of candles has been followed.

TD 9 & 13 Sell Setup Triggering As Mercury Retrograde Begins | Source: BTCUSD on TradingView.com

9 sell setups often suggest a reversal could follow and a top is in, while 13 countdowns indicate trend exhaustion.

Yesterday’s higher high on daily timeframes “perfected” the TD 9 sell setup and triggered the 13 setup as well. The fall thus far has already been so deep, that the 13 setup has fallen completely off the chart. But it triggered at the day’s open nonetheless.

Beware: Mercury Retrograde Begins As Bitcoin Starts To Fall

Coinciding with the TD 9 and 13 combo, the turn of the calendar also began an astrological event that in the past hasn’t been very good to Bitcoin, and is known for stirring the pot in a number of other ways.

This phase, highlighted in red above and below, is called Mercury Retrograde. It is said to be responsible for all kinds of chaos in the human world, such as miscommunication, misfortune, and more.

It also has been negative for Bitcoin all throughout the bear market, as shown below. Most Mercury Retrograde phases result in markets miscommunicating about what the price of the leading crypto asset should be, and valuations have fallen.

Mercury Retrograde Historical Bitcoin Performance| Source: BTCUSD on TradingView.com

The last phase didn’t result in much downside, but prior to that was Black Thursday. Now, the last Mercury Retrograde phase of 2020 is here, and it ends exactly on the US election day of November 3rd, 2020.

If this phase acts like the past, Bitcoin could see some serious downside. And with the start of Mercury Retrograde coinciding with these accurate sell signals and the upcoming election uncertainty, it could be a recipe for disaster.

Featured image from Deposit Photos, Charts from TradingView.com

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.

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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.
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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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