RATE Group | Hedge Fund Analyst Abruptly Changes Crypto Strategy, Warns Bitcoin (BTC) Signal Shows Impending Reversal
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Hedge Fund Analyst Abruptly Changes Crypto Strategy, Warns Bitcoin (BTC) Signal Shows Impending Reversal

04 May Hedge Fund Analyst Abruptly Changes Crypto Strategy, Warns Bitcoin (BTC) Signal Shows Impending Reversal

Posted at 04:38h in Cryptocurrency News by

Founder of investment advisory firm Hedge Fund Telemetry, Thomas Thornton, says Bitcoin’s impressive recovery from its March 2020 low of $3,850 is about to hit a brick wall.

The experienced hedge fund trader tells his 35,300 followers on Twitter that he has taken profits on some of his Bitcoin longs as the leading cryptocurrency flashes a reversal signal.

“Bitcoin update – removing half [of my] long position with new DeMark Sequential Countdown 13 and raising hard stop on remaining long to [$7,800] from [$6,500] entry”

Source: via Twitter

Thornton analyzes Bitcoin’s price action using the TD Sequential indicator which traces a series of price points to signal possible trend reversals. Based on TD Sequential principles, a 13 count indicates a pause in the current trend, a pullback, or a reversal.

The signal is more reliable if it is supported by a leading indicator. In Bitcoin’s current case, Thornton points out that the RSI – which…

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