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Advertisement

Bear Trap: TD 9 Sell Triggers As Bulls Push Bitcoin Higher

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
0
Advertisement

Bitcoin price action has now spent a total of nine days in a short-term uptrend, capping off a bounce back to 2021 highs. The sequence of mostly green candles has now triggered and perfected a TD 9 sell setup on daily timeframes. However, the signal has repeatedly failed to yield results since the more dominant high timeframe uptrend began. Is this time different? Or is this yet another bear trap layered into a bull flag that could push Bitcoin to more than $75,000 per coin? Here’s what technical analysis suggests.

TD 9 Sell Setup Perfected: Bear Trap Or Bulls Beware?

Bitcoin is back near $40,000 and the highs it trade at to start the year, but bulls still have hurdles to pass before rocketing to new highs. Sellers have stepped in for the first time since Black Thursday causing a pitstop for consolidation.

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The leading cryptocurrency by market cap has made a run for the top of the trading range, but is thus far being held back by resistance around $38,000. As it struggles with resistance, a TD 9 sell setup has not only triggered, but the signal has now perfected as well.

bitcoin bear trap td 9

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TD 9 sell setup triggers at top of bull flag channel | Source: BTCUSDT on TradingView.com

The TD Sequential indicator designed by Thomas Demark is used to time market tops and bottoms and for years worked like a charm with sniping trend reversals in cryptocurrencies. Traders who have since relied on the tool could be taking a short position based on the perfected setup.

Bitcoin Bull Flag Targets $75K BTC If Channel Breaks Up

The theory behind the tool is that after a sequence of price increase, the trend should be approaching a point of exhaustion and is near a point where a turnaround is probable.

The problem for those bearish on Bitcoin or are taking short positions based on the indicator, is that it has repeatedly failed since the breakout from $10,000, and the only setup that’s been “perfected” is a bear trap.

bitcoin bear trap td 9

Repeated TD sell signals have failed, is this time really different? | Source: BTCUSDT on TradingView.com

The TD 9 sell setup appears at the top of a bull flag structure. If valid and the pattern confirms with a breakout upward, the potential target within weeks could take the price per BTC to as high as $75,000.

RELATED READING | CAPITAL MANAGER EXPECTS NEW BITCOIN ALL-TIME HIGH “WITHIN DAYS”

If the sell setup is valid instead, a fall to the bottom of the bull flag channel is possible, and a revisit to range lows. Will bears fall for the trap, or is the trend about to change for the time being?

Featured image from Deposit Photos, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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