Raoul Pal, CEO of Real Vision and Bitcoin attorney, warns that a major Bitcoin correction may be in sight.
In a series of tweets, the big Bitcoin bull tells Its 289,000 Twitter followers show that Bitcoin is showing signs that it has reached a local peak. Pal uses the DeMark indicator to time entry and exit opportunities. When the DeMark sequence indicator is flashing a value of 9, traders are taking this as a sign that a pullback is in sight. A signal of 13 points indicates trend exhaustion.
“Bitcoin may be facing serious technical advances … The daily DeMark shows a cluster on 2 13s and 9 and tomorrow 13 could be added!”
The macro investor is also looking at BTC’s weekly chart, which he believes is also going up.
“The weekly also piles up the top numbers … and a major correction seems very possible.”
Pal points out that the monthly chart also printed a DeMark sequence number of 9.
“And worryingly, the month has a 9 top set.”
Pal notes that the confluence of top signals over several time periods indicates the possibility of significant retreat.
“All of this brings the chances of a major correction into play, not one [certainty]But top patterns in 3 time series are something to be taken seriously. Unless you’re a long-term HODLer, you should be careful [is] earned. ”
Meanwhile, the dealer and cryptanalyst Michaël van de Poppe is also there expect a BTC correction. In a new video, Van de Poppe outlines the levels investors should watch out for when bears trigger a sell-off event.
“What we are seeing here is still the weekly area around the all-time high, the resistance zone. We have the levels that we originally marked as interesting based on previous resistance levels set in the weekly timeframe, with the most important one being between $ 14,000 and $ 13,500. So each of these levels is very important when we get a correction step. If we don’t get that, we will likely skyrocket. “
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