As an experienced crypto analyst, I’ve seen my fair share of market fluctuations and indicators that can potentially predict short-term price movements. The TD Sequential sell signal on the Bitcoin 4-hour chart is one such indicator that has caught my attention recently. While it’s important to note that this signal isn’t a guarantee of future price action, its historical accuracy makes it a valuable tool for traders looking for clues about short-term corrections.
Based on the analysis of crypto expert Ali, the TD Sequential indicator has lately signaled a sell opportunity on Bitcoin‘s short-term price charts. This occurrence has generated curiosity since it may foreshadow a possible correction for Bitcoin (BTC) in the upcoming one to four candlestick periods.
The TD Sequential indicator on Bitcoin’s 4-hour chart has signaled a sell opportunity, implying that the ongoing uptrend might be weakening and could potentially lead to a brief price decrease.
“The TD Sequential indicator on the Bitcoin 4-hour chart signals a sell opportunity, predicting a potential price correction of one to four candlesticks for Bitcoin.”
— Ali (@ali_charts) May 16, 2024
The TD Sequential may not predict future price movements with certainty, but its past performance could make it a valuable tool for traders looking to identify short-term price trends.
Although a sell signal has been triggered, it’s essential to examine Bitcoin’s price behavior in its entire context.
Currently, Bitcoin has experienced a gain of 1.80% over the past 24 hours and is now priced at $65,736. Earlier today, its value peaked at an impressive $66,772 during trading sessions.
On Wednesday, Bitcoin soared past $66,000 due to the release of US inflation data, which increased the likelihood of the Federal Reserve reducing interest rates in the near future. Similar to other high-risk assets, Bitcoin is influenced by anticipated adjustments to the monetary policies of significant central banks.
Market uncertainty persists
After the latest data update, Bitcoin and numerous other prominent cryptocurrencies have been observed losing their previous advances as of now.
As a researcher examining recent economic data, I’ve discovered that the number of US unemployment claims continues to be higher than anticipated, based on the latest releases. Additionally, there was a significant increase in both import and export prices last month. Specifically, import prices surged by 1.1% in April.
Currently, Bitcoin’s daily 50-moving average is at $65,111, acting as a potential intermediary line of defense for the bulls against further price drops. If they can hold this crucial support level, the declines may be prevented from reaching around $60,000.
If the price of Bitcoin is maintained above its 50-day moving average by buyers, it could potentially lead to an upward trend towards the resistance level at $73,777. At this point, bears may attempt to resist further price increases.
During Galaxy Digital’s first-quarter earnings call, Mike Novogratz, the company’s founder and CEO, forecasted that Bitcoin could stabilize between $55,000 and $75,000 before experiencing further growth. Traders would be wise to keep an eye on these significant Bitcoin price thresholds.
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2024-05-16 19:04