BTCUSD is approaching a near-term top, says DeMark Analytics

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BTCUSD is approaching a near-term top, says DeMark Analytics

Technical analyst Tom DeMark's indicators are designed for anticipating turning points and overextended price moves.

He believes the euro EURUSD could experience its first setback after a 15% multi-month rally from $0.9536. The setback won't derail a longer-term move to $1.20, DeMark says. DeMark, the founder and CEO of DeMark Analytics, says the number of days doesn't have to be consecutive - it was close to the close two days ago. When the countdown reaches 13, a buy signal is triggered. The opposite is the case on the way up. In November, DeMark told MarketWatch thatBTCUSD was near a bottom, which happened on November 21. He says it is approaching a near-term top. He says that an upside trend exhaustion requires two successively higher closes than the recent high of $23,204, and also a high above $24,095 to $25,055.

He says the price of the Nasdaq 100 QQQ is above its upside resistance, which is the December 14 close. He says that if the break is confirmed in the upcoming days, it should see an extended advance.

The Invesco QQQETF, which tracks the Nasdaq 100, has climbed 9% this year.