Bitcoin’s growth to unprecedented levels above $ 23,000 on Thursday is taking place at Ballyhoo on Wall Street, but at least one technical expert warns that the popular digital currency could prepare to retreat.
Tom DeMark says that, based on his time models, the world’s largest cryptocurrency is likely to retreat soon.
Read: Stock Exchange synchronization expert DeMark “trusts” that the S&P 500 will increase by 5% in the next 2 weeks
“While it may seem treacherous to take this stance, this is what our combined time models on Bitcoin suggest at the moment,” he said, noting what he described as “pending upward trend depletion.” which could be played on Thursday or Friday, initiating a downward movement for the nascent asset.
“Previous cases in which this long-term model has been discussed include the exact maximum of December 18, 2017, the precise low day on December 14, 2018, and then the high day of June 26, 2019. “, wrote DeMark.
He said that every warning for the Bitcoin BTCUSD,
the reduction was the precise high or low day.
DeMark is a technical analyst who uses market timing measures to determine when to buy and sell and assets.
Leading analysts claim that the fall of Bitcoin from the maximum of June 26, 2019 to March 16 was 9430 points, adding that “if 9430 points were added to the maximum of June 26, 2019, it is projected on the rise to 23,288, which is the area in which the current market is listed. “
Symbolik.com
“Obviously, there is no certainty in the forecasting business and it is often prudent to wait for confirmation of the end of a trend instead of making a bold prediction,” he said. “However, expecting a lower closing than closing 4 or 5 days before and the next day negative follow-up would sacrifice the opportunity.”
DeMark used a graphics service, called Symbolik, founded by his son TJ DeMark, which promises to provide cloud-based, institutional-quality analytics tools to make its bitcoin call.
DeMark said Bitcoin could fall anywhere between about 5.5% and 11%, but that the decline could also be stronger. It also recognizes that the asset could perpetuate its gains and ignore the exhaustion signal, if investors continue to accumulate it.
See also: As bitcoin clears new records, these market watchers see $ 250,000 and even $ 400,000 on the horizon