Former Goldman Sachs executive Raoul Pal says Bitcoin is currently trading at a highly critical juncture weeks after the leading crypto asset plunged to a yearly low of $30,681.
In a new tweet, the macro guru tells his 552,700 followers that BTC is flashing signals indicating that a reversal is on the horizon. According to Pal, Bitcoin risks extending its corrective period if it fails to confirm the signal.
“I find DeMark Indicators work well for me for assessing probabilities. The weekly 9 on the log trend line in BTC feels about the right chance of a reversal higher. If this fails over a few weeks (lower odds), it will lead to much longer pain. Let’s see…”
Source: Raoul Pal/Twitter
Pal is using the DeMark indicator to time entry and exit opportunities. When the DeMark sequential indicator flashes a reading of 9, traders take it as a sign that a trend reversal could be in sight.