Bitcoin Warning: Is A BTC Reversal On The Way?
The Bitcoin halving much-awaited event is just around the corner. Some analysts are expecting to see massive price moves ahead of the halving – part of experts say that we should brace ourselves for bullish moves, and Tone Vays has been expecting a fall in BTC’s price so that he can buy the dip.
Founder of investment advisory firm Hedge Fund Telemetry, Thomas Thornton said that Bitcoin’s impressive recovery fro the March low of $3,850 is right about to hit a brick wall.
A Bitcoin reversal on the way?
He said on Twitter that he managed to take some profits on some of his Bitcoin longs as the coin is flashing a reversal signal.
Bitcoin update – removing half long position with new DeMark Sequential Countdown 13 and raising hard stop on remaining long to 7800 from 6500 entry pic.twitter.com/ZAuLB9us1W
— Thomas Thornton (@TommyThornton) April 29, 2020
Thornton analyzed Bitcoin’s price action using the TD Sequential indicator – this indicator which traces a series of price points to signal potential significant trend reversals.
The conclusion was that based on these indicators, we can expect to see a pullback or a reversal soon.
Bitcoin with new DeMark Combo and Sequential buy Countdown 13’s. Needed to confirm is a price flip up (new 4 day closing high) pic.twitter.com/7SCPVxxFfU
— Thomas Thornton (@TommyThornton) December 17, 2019
Bitcoin predictions ahead of the halving
At the moment of writing this article, the most important coin in the market is trading in the green and the king coin is priced at $9,029.43.
Just the other day, we were reporting data about a potential uptrend incoming.
It’s been reported that a crypto trader and Elliott Wave analyst who believes that the coin is preparing for a strong move upwards, according to the latest data coming from the Daily Hodl.
Benjamin Blunts told followers that BTC is poised for a rally to $10,000.
Stay tuned for more data.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.