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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
Bitcoin liquidity

This Super Sell Signal Stands In The Way Of The Bitcoin Bull Run

Tony "The Bull" Severino, CMT
by Tony "The Bull" Severino, CMT
1 year ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

It’s not a bird, and although it’s been soaring, it isn’t a plane either. It’s Bitcoin and the latest bull run just hit its first wall after over an entire year in an uptrend.

The rally was stopped by a “Super” sell signal acting as dynamic resistance, leaving BTC potentially in danger of reversal.

Bitcoin Braces For The Worst After Reaching Downtrend Resistance

Bitcoin price has given buy signals galore since reached a bottom in late 2022. Throughout 2023, BTCUSD rallied more than 300%. But despite the climb, on higher timeframes such as the monthly, sell signals remain intact.

Related Reading: Will Bitcoin Soar 360% Post-ETF Launch? A Comparison With SPDR Gold Shares

One such signal exists on the 1M SuperTrend – a powerful trend-following technical indicator created by Olivier Seban. Using CME BTC Futures, there has only ever been one sell signal generated on the 1M timeframe, and it still stands despite BTCUSD smashing right into it this month.

BTC1!_2024-01-17_15-53-00

Bitcoin smashes into SuperTrend resistance |  BTCUSD on TradingView.com

Sell Signal Stands In The Way Of New Crypto ATHs

The SuperTrend marks a price chart with a dynamic support and resistance line. When price penetrates through the line on a closing basis, the sell signal changes to a buy and vice versa.

The tool is so accurate, downtrend resistance is currently located at $44,621, which is just a few hundred dollars more than December 2023’s close around $44,200.

Bitcoin made another attempt at smashing through SuperTrend downtrend resistance, but continues to trade below the span. Closing above the SuperTrend line in January would be a notable win for crypto investors. However, a breakout could arrive later in February or March after some sideways consolidation below resistance.

BTCUSD_2024-01-17_16-06-27

Could this signal cause the mid-cycle correction? |  BTCUSD on TradingView.com

Why The Buy Signal Could Cause A Mid-Cycle Correction

Upon zooming out, it’s easy to see that passing through the SuperTrend on the 1M timeframe in BTCUSD might not be the fast-track to new all-time highs that it sounds like it might be.

Historically, after the SuperTrend has given a buy signal, a mid-cycle correction sets Bitcoin back by months. But this typically has happened only after the buy signal is generated. Could this time be different?

Charts featured in this article originally appeared in the CoinChartist VIP 2024 preview and issue #32: This Time It’s Different.

 

Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from Shutterstock, Charts from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Tony "The Bull" Severino, CMT

Tony "The Bull" Severino, CMT

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Tony "The Bull" Severino, CMT, a technical analyst and Head of Research at Bitcoinist. As the founder of CoinChartist.io, an educational platform for crypto traders focused on technical analysis, Tony provides his expertise to help others understand and apply this methodology. He has partnered with industry leaders like Elliott Wave International and TradingView. Through his partnerships, educational resources, and leadership roles, Tony has established himself as an authority on leveraging technical analysis to trade cryptocurrencies.

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