BTC - Bitcoin flashing same Buy Signal seen at $3,100 bottom
bitcoin·@jrcornel·
0.000 HBDBTC - Bitcoin flashing same Buy Signal seen at $3,100 bottom
# Bitcoin is flashing a major buy signal also seen at the $3,100 bottom With Bitcoin falling some 10% in the last two days, sentiment has turned decidedly bearish. The drop is most likely being caused by our friends in China unloaded their PlusToken ill-gotten gains. More on that can be seen here: https://steemit.com/bitcoin/@jrcornel/btc-curious-what-s-causing-the-recent-price-drop Regardless of the cause, the price has been dropping and it hasn't been much fun. # However, it might not be all bad out there... According to Thomas Thornton, a hedge fund services specialist and market analyst, bitcoin is doing something it has done several times in the past. Most notably at major inflection points. It's flashing a "buy 13" on the TD Sequential Combo indicator: https://i.postimg.cc/mDDT2rTB/EL-3kvf-Wk-AAAH4-B.jpg (Source: https://twitter.com/TommyThornton/status/1206955441911214080) I won't fully go into exactly what that means here, but if you want to learn more about the trading pattern, check this out: https://www.liteforex.com/blog/for-professionals/technical-analysis-tool-by-tom-demark-td-sequential/ The most important thing for you to know is that this pattern has shown up a couple times on bitcoin over the past few years, and many have been at major inflection points. # Does it work? Like anything in life, it's not 100%, but it did show up at each major inflection point over the past few years: - We had a "sell 13" when bitcoin hit $20k in Dec. 2017 - We had a "buy 13" when bitcoin hit $3,100 in Dec. 2018 - We had a "sell 13" when bitcoin hit $14k in June of 2019 - We have a "buy 13" on bitcoin at $6,600 right now What does this all mean? To me, it clearly shows there is some historical importance for this 13 Sequential Combo Indicator and one that we should probably be paying attention to. It's flashing "buy" again right now, which probably means now is the time to be buying. I would not be surprised if this ends up being the low and we start a very strong bullish reversal somewhere around these levels. Stay informed my friends. -Doc
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