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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

This Signal Could Suggest Latest Bitcoin Rally Was A Bull Trap

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
bitcoin bull trap td 9 sell signal

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Bitcoin price rebounded hard from $10,000 and in a flash already found itself back above $11,000. Thus far, the key level couldn’t hold, and now signs are appearing that could suggest the rally was noting more than a bull trap and retest of resistance turned support.

TD Sequential Indicator Gives Bull Trap Warning With Perfected TD 9 Sell Setup

This week, Bitcoin blasted back above $11,000 but failed to hold the critical zone as it did the last time the cryptocurrency had a stretch of extended intraday upside.

At the top of the recent rise, however, the TD Sequential indicator has perfected a TD 9 sell setup. A 9 setup is perfected when the 9 candle reaches higher than its previous candle closes – imperfect setups are less reliable, but can still result in a drop.

Related Reading | Bitcoin Price Revisiting $11,000 Could Confirm Short-Term Bearish Reversal Pattern

The tool was designed by market timing expert Thomas Demark to signal trend exhaustion, and therefore, potential turning points that could lead to reversals.

The signal appearing at the height of a retest of support turned resistance, could suggest that the latest rally is a bull trap and more downside is next for the cryptocurrency.

 

bitcoin btcusd td 9 sell setupBTCUSD Daily TD 9 Sell Signal TD Sequential Indicator | Source: TradingView

Bearish Retest And Possible Head And Shoulders Pullback Confirms Support As Resistance

TD 9 signals are usually accurate enough to compel traders to take a position in any asset. The tool has called several tops and bottoms in Bitcoin – and recently triggered the same sell setup on the two-week timeframe at the peak 2020 high.

If the bull trap confirms and prices fall, what may have actually happened was a pullback to retest support turned resistance at the neckline of a head and shoulders top formation.

bitcoin btcusd head and shouldersBTCUSD Daily Head and Shoulders Pullback Confirmed? | Source: TradingView

Head and shoulder are typically reversal patterns. But before prices reach their target, statistics show that price actin tends to come back to retest the neckline in a throwback.

Once confirmed, the target is then reached. This pullback and bearish retest coinciding with a highly accurate sell signal doesn’t bode well for Bitcoin bulls, who may have been over confident that $10,000 had held thus far.

Related Reading | Did Bitcoin Just Confirm It’s Largest Reversal Pattern In History?

Another retest of $10,000 could be next after failing to hold above $11,000. Was this latest move a bull trap, or are bears in for a surprise in the days ahead when the current rally continues higher?

Featured image from DepositPhotos, Charts from TradingView
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Tony "The Bull" Severino
Tony "The Bull" Severino

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.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

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.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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