Bitcoin has undergone a strong rally over the past 10 days, moving from $10,400 to a high near $11,750. As of this article’s writing, the <span class="wpg-tooltip-term-title">Coin</span></h3><div class="wpg-tooltip-content">A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/coin/">» Read more</a><p></div>”>coin trades for $11,400, far above those lows but still below those highs.
While some see this price action as consolidation before another thrust higher, Bitcoin has formed a strong bearish signal after this rally. Some fear that it is a precursor to a strong move to the downside, or at least one suggesting BTC will sink back towards the $10,000s.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Bitcoin Price Forms Pivotal Sell Signal
Bitcoin is forming some short-term sell signals despite it holding quite well in the face of news that OKEx has frozen withdrawals. The leading exchange did so on Friday morning, announcing that one of the private key holders of the company has not been in contact with the exchange.
The cryptocurrency recently printed a Tom Demark Sequential “Sell 9” candle on its ten-hour CME futures chart, an analyst says.
This is important as this indicator has been extremely pivotal for Bitcoin over recent months. “Sell 9” candles have marked the $12,500 highs in August, the $12,000 local highs at