Bitcoin Price Holds Above $68,000, But TD Sequential Sounds Sell Alarm
20 Octobre 2024 - 12:00PM
NEWSBTC
The Bitcoin price has not quite been able to replicate its midweek
form over the weekend, hovering around the $68,000 level. Despite
the quiet performance in the past day, the premier cryptocurrency
has managed to hold its own above $68,000. However, a prominent
crypto pundit on social media platform X has said that the price of
BTC might not be able to hang on to this level for too long. This
has left several investors wondering if this potential correction
is only a hiccup or a complete turnaround in the latest bull run
resurgence. Analyst Says Bitcoin Price To Face Brief Correction —
What Next? In a recent post on the X platform, crypto analyst Ali
Martinez put forward an interesting prognosis for the price of
Bitcoin, saying that the premier cryptocurrency might be set for a
brief correction in the short term. According to the pundit, the
“Tom Demark” (TD) Sequential has flashed a sell signal for the BTC
price on the daily chart. Related Reading: Dogecoin Breaks Away
With 9% Surge: Why This Could Trouble Bitcoin The TD Sequential is
an indicator in technical analysis used to identify potential
points of trend exhaustion and price reversal. This technical
analysis tool comprises two major phases; namely the TD Setup phase
and the TD Countdown phase. Specifically, the Setup phase is made
up of nine candles of the same polarity (bearish and bullish). In a
bullish Setup phase, the starting number “1” is plotted on a candle
that closes higher than the close of the candle four periods
ago. Meanwhile, a bearish “Setup” is characterized by the
starting number “1” on a candle that closes lower than the close of
the candle four periods ago. A potential point of reversal can be
identified when the TD Sequential plots figure on the top or bottom
of a candle in a bullish or bearish trend. As shown in the chart
above, the number “9” has only just been printed on top of a
candlestick on the Bitcoin daily chart, signaling the completion of
the Setup phase. Considering that the Bitcoin price was originally
in a bullish trend, it appears that the flagship cryptocurrency is
set for a brief correction for a few days. In recent days, there
have been heavy discussions around the price of BTC revisiting and
perhaps surpassing its current all-time high. Nevertheless,
Martinez advised investors to anticipate the Bitcoin price
experiencing a brief pullback “before higher highs.” Bitcoin Price
At A Glance As of this writing, the price of Bitcoin stands at
around $68,272, reflecting a mere 0.5% dip in the past day.
According to CoinGecko data, the premier cryptocurrency is up by
nearly 9% in the last seven days. Related Reading: Ethereum Bullish
Pattern Signals Upcoming Rally – Analyst Sets $2,870 Target
Featured image from iStock, chart from TradingView
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