Bitcoin (BTC) has seen an absolute whirlwind 24 hours. Over the course of a single day’s time, $400 million worth of BitMEX positions were liquidated, Bakkt volume surged to fresh all-time highs, blockchain became a topic of discussion for Chinese President Xi Jinping, amongst other crazy events that managed to fall into the time span of a single. freaking. day.

This zaniness, if you want to call it that, was reflected in the market for Bitcoin. The cryptocurrency saw a daily trading range of $7,300 to $10,600 — a jaw-dropping $3,300, around 40% if measured from the bottom. This surge represented the cryptocurrency’s third or fourth-largest gain in its history, depending on who you ask.

However, it seems that bulls are exhausted. How could they be not?

As of the time of writing, the leading cryptocurrency is resting on its laurels. The thing is, it’s not working.

Since the daily peak of $10,600 seen some seven-odd hours ago, the cryptocurrency has slumped by 13%, falling by $1,300 from said peak. Bitcoin is now trading for $9,300, and seems poised to breakdown further unless bulls step in.

$9,400 is purportedly a key resistance area that Bitcoin will need to close a daily candle above to verify that the bearish correction is most likely over and that continuation to $10,000 and beyond is possible.

Importantly, though, this pullback corroborates an analysis done by Nunya Bizniz, a popular analyst. He noted, as reported by NewsBTC, earlier on Saturday that a Bitcoin four-hour candle which reached as high as $10,600 on BitMEX, is a “perfected Tom Demark Sequential 9.”

Bizniz remarked that “a TD 9 typically indicates trend exhaustion,” implying that there may be some stagnation or a healthy pullback before a resumption of the uptrend.

Indeed. He added that according to Tone Vays’ take on the indicator, “we may see a one to four candle pullback (four to 16 hours) and then resume up.”

BTC 4hr:

Current candle is a perfected TD9.

A TD9 typically indicates trend exhaustion.

However, It has occurred well above the TDST line (red dots). Which is a signal that the trend may continue.

According to @ToneVays we may see a 1 to 4 candle pull back and then resume up. pic.twitter.com/BgtybbvcBi

— Nunya Bizniz (@Pladizow) October 26, 2019

The post Exhausted Bitcoin Price Down 13% From $10,500 Daily High appeared first on NewsBTC.

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