BUY BITCOIN
Bitcoin price has been steadily falling following a powerful, historic surge that caused the crypto asset to explode from lows around $7,300 to as much as $10,500 in two daily candles.
The resulting string of red candles and downtrend has caused an important indicator to signal a buy on the price charts of two separate institutional Bitcoin products, suggesting that a strong bounce may be near.
Grayscale Bitcoin Trust and CME Futures Both Signal Buy
Bitcoin price has suffered an extended sell-off following the crypto asset’s third-largest single-day gain in its history. The massive rally wasn’t enough to maintain bullish momentum, and Bitcoin has since fallen down to retest formers lows as support.
Related Reading | Bitcoin Price: Bulls Defend ‘Make It Break It’ Support Level at $8,000
Bulls were able to valiantly defend critical support at $8,000, just ahead of a deeper drop. The following downtrend after the China-news driven pump, has resulted in the price charts for both CME Futures and Grayscale Bitcoin Trust – two institutional-grade options for high-wealth investors to gain exposure to the first-ever cryptocurrency – signaling a buy on the daily.
According to the TD Sequential Indicator, created by hedge fund manager Thomas DeMark, both CME Futures and GBTC have signaled a TD9 “buy” on daily price charts. Even on GBTC’s 12-hour price chart, a TD9 and S-13 buy signal has appeared.
Non-institutional Bitcoin price charts are currently at 7 in the 9-candle sequence on daily timeframes, however, the 4-hour chart has also signaled a TD9 buy following a string of 9 consecutive red candles.
On the 4-hour chart, as soon as the TD9 buy triggered, Bitcoin price rose from support at $8,000 to as much as $8,180 and could be the start of a stronger bounce ahead.
But Is The TD Sequential Indicator Really Reliable?
The TD Sequential indicator is just one of many created by Thomas DeMark, who specializes in market timing and has worked for such clients as George Soros, Goldman Sachs, IBM, and many more. The indicator has been popularized in the cryptocurrency market by outspoken trader Tone Vays.
For those questioning the effectiveness of the indicator, spot Bitcoin price charts recently signaled buy on weekly timeframes just hours before news broke that Chinese President Xi Jinping spoke out in support of blockchain technology, causing the price of the leading crypto asset by market cap to surge as much as 40% in a 48-hour period, setting a record for the third-largest 24-hour gain in the asset’s history.
Related Reading | Road To Riches: The Ups and Downs Of Going All-In On Crypto
The buy signal wasn’t just accurate, but it may have been among the most profitable trades yet for crypto investors who follow the indicator. Could yet another historic rally follow these latest buy signals?
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