21:49BEAR TRAP: TD 9 SELL TRIGGERS AS BULLS PUSH BITCOIN HIGHER
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?
RELATED READING | BULLISH BITCOIN IGNORES THE DOLLAR’S DRAMATIC REBOUND
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
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
bitcoin bear trap td 9
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.
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