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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Why Bitcoin May Have Completed The “Perfect” Pullback

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin perfect

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Bitcoin price is trading at around $27,000 per coin after failing to hold above $30,000. Crypto market sentiment would suggest that BTC is already back at lows, ready for a fresh decline.

However, if a perfected TD buy setup is an indication, then BTC might have just finished its pullback and is ready to continue upward with renewed momentum.

A Perfect Pullback For Buying The Dip In Bitcoin?

The cryptocurrency community has been on a rollercoaster ride of emotions the past several weeks. Bitcoin’s early 2023 rally caught bears by surprise. Rising beyond $30,000, however, was an opportunity to strike while bulls were blinded by euphoria from recent returns.

Much more quickly than bulls became exuberant over the top crypto asset by market cap doubling in value since bear market lows, bears are celebrating a continuation of crypto winter without so much as a sign of a symbolic snowflake.

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Another sign has triggered elsewhere. In this case, a perfected TD8 buy setup has appeared on daily BTCUSD spot exchange charts. A perfected signal arrives when a new low is made. The buy setup usually reaches a full TD9 count, but has perfected ahead of schedule. This could still mean another low to put in a perfected TD9, but the 8-count could also do the trick.

BTCUSD_2023-04-24_13-34-33

Will Bitcoin bounce on the perfected TD8? | BTCUSD on TradingView.com

BTCUSD Triggers TD8 Setup On Daily Price Charts

The TD Sequential is a market timing tool created by Thomas Demark. It counts a sequence of up and down candles, until the sequence is satisfied, and the count reaches 9. If the TD9 setup fails to produce the expected reversal, a countdown to TD13 begins.

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A TD13 signals trend exhaustion. Both the TD9 and 13 don’t necessarily guarantee a reversal, but it does improve the probability if at a key level. The tool has worked well on the buy side of BTCUSD daily charts since the local bottom was put in.

As you can see, past perfected TD setups led to an immediate upside reaction. However, it is important to note that each of the above signals are TD9s and not a TD8. As notable as the signal appearing today is, the reaction over the next 24-48 hours is what matters the most.

If BTCUSD fends off more significant downside and buying kicks in here at this signal, it could tell the market the correction is over, and the bull run is going to continue.

Follow @TonyTheBullBTC & @coinchartist_io on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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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.

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