- Bitcoin has been in a strong rally since the March lows.
- The coin moved from $3,500 at those lows to around $12,500 at the local highs.
- Unfortunately for bulls, a crucial sell signal is on the verge of appearing that may mark a medium-term top for Bitcoin.
- The indicator last formed just prior to the March capitulation crash.
Bitcoin Could Soon Undergo Retracement: Trend Indicator Shows
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Sell Signal Last Formed Prior to March Bitcoin Crash Is Inching Close
“Weekly Parabolic SAR is approaching to flash the “SELL” signal. It will happen if the price goes below 9800$. Keep in mind that the signal is lagging and the indicator is usually used as a SL level pointer.”
Long-term $BTC on-chain indicators look healthyhttps://t.co/VnrIVP3lDF pic.twitter.com/cfE73acVXh
Chart of BTC’s price action since the middle of 2017 with a parabolic SAR analysis by crypto analyst CryptoHamster. Chart from TradingView.com
Bulls In Control on a Macro Time Frame
— CryptoQuant (@cryptoquant_com) September 16, 2020
Crypto Quant, a blockchain analytics firm, recently signaled that 10 out of 11 of its long-term on-chain indicators are currently bullish.
Bitcoin has undergone a strong rally since the March lows. The cryptocurrency more than tripled, rallying from ,500 to highs of ,500 in August. The coin now trades at ,800, slightly below those highs but still far above the March lows.
Unfortunately for bulls, a crucial trend indicator has formed that suggests the rally that Bitcoin has undergone may soon end.
Previous sell signals have been disastrous for prior Bitcoin bull trends. Just prior to the March capitulation crash, a sell signal appeared. And near the ,000 highs in 2019, just two weeks after it reached that level, it also formed this sell signal.
Commenting on the indicator, a crypto trader shared the chart seen below and also wrote:
Send bulk sms with Bitcoin and don’t worry If your link gets reported. We are constantly monitoring your links and We’ll pause your campaigns if any issue…