Bitcoin’s Failed Bearish Signal Hints At Bullish Breakout
Bitcoin recently gave a bearish signal, but it failed to produce a meaningful pullback, suggesting that a new all-time high of $85,000 per coin could be within reach within a month.
Why Failed Bearish Technicals Lead to Bullish Breakouts
In technical analysis, specific patterns like the ascending triangle can be bullish or bearish. When a bearish pattern fails, it can lead to an extremely bullish outcome due to the positioning of orders and stop losses. This failure, in combination with a bullish TD9 sell setup on the weekly TD Sequential, could result in a significant upward move in Bitcoin price.
Market Timing Tool Indicates a Bitcoin Rally to $85K
The TD Sequential, a market timing tool developed by Thomas Demark, is signaling a potential rally to $85,000 by the end of December. When a similar signal failed in 2020, Bitcoin soared to new all-time highs, suggesting that history could repeat itself with another significant surge in price.
Hot Take
The failed bearish signal, combined with the TD Sequential’s historical accuracy, indicates that Bitcoin could reach $85,000 in the near future, potentially setting a new all-time high and surprising many in the crypto market.
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