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Bitcoin is trading just below $20,000 for the first time since January – equity interests certainly don’t want to miss out.
With the United States cracking down on cryptocurrencies and a macroeconomic disaster looming, fear may be keeping investors from buying the current price drop. However, according to a popular market timing tool, this may be the right time to buy despite your concerns.
Why time is more important than price
The legend WD Gann believed that time is more important than price:
“As time goes down, the price will go back up.”
With that in mind, Gann drew on geometry and astrology to become one of the most successful traders of all time.
However, the vast majority believe that timing the market is nearly impossible. There is no doubt that time to market is more important. However, various tools have been developed to do just that: decide the right time to buy or sell.
One such instrument is the TD Sequential, developed by market timing expert Thomas DeMark, to which he also lends his initials. The technical indicator counts a series of candles up or down until a count of 9 or a count down to 13 is reached.
As the count ends, the likelihood of a reversal increases, especially if it is triggered by key support or resistance levels. In the same direction, when the count fails, the trend is more aggressive.
Bullish signal prompts buy setups on bitcoin daily chart
Bitcoin price has triggered a TD9 daily buy setup as the leading cryptocurrency retraces the most important level of all time – the former resistance may turn into support at $20,000.
When Bitcoin first tried to breach this level from below in 2017, it failed and spent the next three years building enough momentum to try again. The next time it was almost too easy to break the $20,000 mark. In fact, it was so easy that it had to be tested to confirm the range of support over a year later.
Although this support level failed when FTX fell, it was recaptured in early January. Now it is being tested again – just as the TD9 buy signal is triggered. Other possible technical signals include the oversold RSI from November 2022.
Additionally, Bitcoin is retracing a former resistance line to the downside. The significant coincidence suggests that whatever happens here will be of great importance. If the stalemate ends in favor of the Bears, $20,000 could be the last opportunity to sell bitcoin before it hits $10,000. However, if the bulls cost $20,000 as support, BTCUSD may not trade below this level again.
Should you buy Bitcoin now?
Buy bitcoin now? That’s the big question many investors are asking right now. The following applies here: the greater the risk, the greater the return. Anyone interested in coins predicted to have an optimized risk-return ratio could look into C+Charge (CCHG): The new green cryptocurrency is the heart of the payment and charging system for electric cars currently being built , carbon credits are awarded to e-car drivers – analysts see huge potential here. In the current presale, 1 CCHG costs 0.019 USDT, in 4 days the price will increase to 0.02 USDT.
Text credit: Newsbtc
Last updated on March 11, 2023
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