With more than 25 accurate Bitcoin predictions, the Tom DeMark (TD) Sequential indicator highlighted in its latest predictions a critical support level that bulls should never lose.
Bulls wait for the opportune time in Bitcoin (BTC) price
Bitcoin price breached $20,000 again for the first time since January. Considering the psychology of market players, this zone is a critical support level that the bulls definitely do not want to lose. BTC is trading above the psychological support of $20,000 for now. Increasing US pressure on crypto and a macroeconomic disaster could deter investors from buying the dip. However, current levels are signaling ‘opportunity’ to buy despite all the fear, according to a popular market timing tool.
Created by Thomas DeMark, the TD Sequential indicator counts a series of candles up or down until the countdown to 9 or 13 is reached. According to the indicator, which has more than 25 signals, BTC is currently on the verge of a critical breakdown…
Bitcoin forecast: TD Sequential signals buy on daily BTC chart
Bitcoin price triggered a daily TD9 buy setup. The position opportunity came at a time when Bitcoin was retesting its most significant level ever. The leading crypto is retaking the zone after breaching an old resistance level of $20,000.
The first time Bitcoin (BTC) tried to break this level from below in 2017, it failed and spent the next three years building up enough momentum to try again. It was almost too easy to get over $20,000 in his next attempt. So easy that it actually had to be tested a year later to confirm it was support.
This level of support was eventually broken by the collapse of FTX, but was undone in early January. Now, just like the TD9 purchase setup fired up, it’s being used and tested once again. Other possible technical signals include the best-selling RSI since November 2022.
$20,000, Bitcoin’s last support before 4-digit prices
At current levels, Bitcoin is retesting an old downtrend resistance line. If price action turns out to be in favor of the bears, $20,000 could be the last opportunity to sell Bitcoin before it touches $10,000. If the bulls defend $20,000 as support, BTC may never trade below the level again. As @tonythebullBTC on Twitter explained:
Bitcoin is currently retesting horizontal, diagonal and rounding support, most old resistances, with a TD9 buy setup and the best-selling RSI since November 2022. Is that valid or are we seeing a crypto-wide carnage?
#Bitcoin is retesting horizontal, diagonal, and rounding support at this very moment, much of which was former resistance, with a TD9 buy setup and the most oversold RSI since November 2022.
Does this hold, or do we see carnage across crypto? pic.twitter.com/Fl6hHjZ9ZH
— Tony "The Bull" (@tonythebullBTC) March 10, 2023
Up-to-date BTC price predictions from different crypto analysts cryptocoin.comWe have included it in this article.
