Crucial Bitcoin Signal That Formed Prior to $2,000 Crash Returns

Crucial Bitcoin Signal That Formed Prior to $2,000 Crash Returns

Bitcoin has undergone a strong rally over the past 10 days, moving from $10,400 to a high near $11,750. As of this article’s writing, the : Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin Price Forms Pivotal Sell Signal

Bitcoin is forming some short-term sell signals despite it holding quite well in the face of news that OKEx has frozen withdrawals. The leading exchange did so on Friday morning, announcing that one of the private key holders of the company has not been in contact with the exchange.

The cryptocurrency recently printed a Tom Demark Sequential “Sell 9” candle on its ten-hour CME futures chart, an analyst says.

This is important as this indicator has been extremely pivotal for Bitcoin over recent months. “Sell 9” candles have marked the $12,500 highs in August, the $12,000 local highs at the end of August preceding a $2,000 drop, along with short-term bottoms and tops. This latest signal suggests that ETH will continue its descent in the days ahead.

Image

Chart of BTC's price action over recent months with a 10-hour CME futures chart analysis by crypto trader Coiner Yadox. Source: BTCUSD from TradingView.com
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Not the Only Short-Term

“The JPMorgan strategists said they calculated an intrinsic value by effectively treating Bitcoin as a commodity and looking at the marginal cost of production.”

JPMorgan Strategists See ‘Modest’ Headwind for Bitcoin Price

Chart of BTC's price action since the start of 2017 with an instrinsic value analysis by JP Morgan analysts.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Crucial Bitcoin Signal That Formed Prior to $2,000 Crash Returns

Published at Sat, 17 Oct 2020 04:00:13 +0000

Swap your tokens below to get the best prices across all decentralized crypto exchanges.

Spread the word. Share this post!

Leave a comment