Bitcoin bears trapped? Bitcoin pushes higher

Bitcoin bears trapped? Bitcoin pushes higher – new all-time high possible this weekend

Bitcoin price has now spent a total of nine days in a short-term uptrend, completing a bounce back to the 2021 highs. The sequence of mostly green candles has now triggered and perfected a TD 9 sell setup on the daily time frame.

However, the signal has repeatedly failed to deliver on the high time frame since the more dominant uptrend began. Is it different this time?

Or is this another Bitcoin Evolution bear trap embedded in a bull flag that could drive bitcoin to more than $75,000 per coin? What does the technical analysis say?

TD 9 Sell setup perfected: Bear trap or bulls on guard?

Bitcoin is back near $40,000 and the highs it traded at earlier this year, but the bulls still have hurdles to overcome before they can climb to new highs. Sellers have entered the scene for the first time since Black Thursday, causing a pit stop to consolidate.

However, even at these prices, there are massive numbers of investors buying bitcoin.

This has allowed the leading cryptocurrency by market cap to make a run for the top of the trading range, but so far it is being held back by resistance around $38,000. As BTC struggles with resistance, a TD 9 sell setup has not only triggered, but the signal is now perfected.

The TD Sequential indicator, developed by Thomas Demark, is used to time market tops and bottoms. It has worked like a charm in spotting trend reversals in cryptocurrencies for years. Traders who have relied on the tool since then could take a short position based on the perfected setup.

Bitcoin bulls target $75,000 as channel breaks out

The theory behind the tool is that the trend should be approaching a point of exhaustion after a sequence of price rises and is near a point where a trend reversal is likely.

The problem for those bearish on bitcoin or taking short positions based on the indicator is that it has failed repeatedly since the $10,000 breakout, and the only setup that has been „perfected“ is a bear trap.
Repeated TD sell signals have failed, is this time really different? | Source: BTCUSDT on

The TD 9 sell setup appears at the top of a bull flag structure. If it is valid and the pattern is confirmed with an upside breakout, the potential target could push the price per BTC up to $75,000 within weeks.

If the sell setup is valid instead, a fall to the bottom of the bull flag channel and a return to the lows of the range is possible.