Bitcoin Shows Same Buy Signal Seen at 2018 Bottom of $3,150.
With Bitcoin collapsing by 5% in the past days, moving from $7,150 to $6,750 as of the time of writing this, traders have once again flipped decidedly bearish on cryptocurrencies. Related Reading: Could Post Crypto Bubble Bitcoin Follow Dot Com Crash NASDAQ Chart? They fear that this latest move under the key support of $7,000 will precede a strong capitulation event, one reminiscent of the collapse from $6,000 to $3,000 seen in late-2018. What’s ironic, though, is that this latest drop has resulted in the Bitcoin chart printing a key bullish technical signal purportedly that was seen when BTC found a macro bottom in December 2018. Bitcoin Indicator Prints Key Buy Signal Thomas Thornton, a hedge fund services specialist and market analyst, recently posted the chart below to Twitter, showing that a Bloomberg chart of Bitcoin with the TD Sequential Combo indicator suggests that BTC’s current candle is on a “buy 13.”
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