Bitcoin Signal That Has Held Since December Says It’s Time To Sell
16 Febbraio 2024 - 2:00AM
NEWSBTC
An analyst has explained that an indicator that has been holding
for Bitcoin since December is now giving a sell signal for the
cryptocurrency. TD Sequential Is Providing A Sell Signal On Daily
Bitcoin Chart Currently In a new post on X, analyst Ali discussed a
TD Sequential sell signal forming in the Bitcoin daily price chart.
The “Tom Demark (TD) Sequential” is an indicator in technical
analysis used for pinpointing locations of probable tops and
bottoms in any asset’s price. The TD Sequential has two phases. The
first is called the “setup” and lasts nine candles. Once nine
candles (of the same polarity) are in, the setup
completes, and the indicator signals a likely reversal for the
price. Related Reading: Litecoin Whale Deposits Big To Binance,
LTC’s 3% Drop To Extend? The direction of such a reversal naturally
depends on the type of candles that formed the setup. If these
candles were green, the indicator would imply a top for the asset,
while red candles would suggest a bottom. When the setup finishes,
the “countdown” phase begins. In this phase, candles of the same
type are counted again, except for thirteen. Once the countdown
also completes, another potential reversal could be assumed to have
occurred for the price. Recently, Bitcoin has finished a TD
Sequential phase of the former type. Here is the chart shared by
the analyst that shows this pattern forming in the daily price of
the cryptocurrency: The TD Sequential setup that has just completed
for BTC | Source: @ali_charts on X As is visible in the graph, the
TD Sequential setup has recently finished with green candles for
Bitcoin. These green candles have come for the coin as it has
enjoyed some sharp bullish momentum, which has taken its price
beyond the $52,000 mark. The fact that the TD Sequential setup has
formed with green candles suggests the indicator may now be
providing a sell signal for the cryptocurrency’s price. In the same
chart, Ali highlighted the previous instances since December of
last year where a setup was completed for the asset. It would
appear that both TD Sequential buy and sell signals have held for
the coin in this window. Related Reading: Extreme Greed Is Back For
Bitcoin, Is It Time To Sell? Going by this pattern, the latest TD
Sequential reversal signal might also hold for the asset. And as
it’s a bearish one this time, the analyst expects a correction
lasting for one to four daily candlesticks. BTC Price Bitcoin’s
recent momentum has meant that the asset has been among the best
performers in the sector, registering growth of around 16% during
the past week. Currently, the coin is hovering around the $52,500
level. The chart below shows the asset’s trajectory over the last
month. The price of the coin seems to have been sharply going up
recently | Source: BTCUSD on TradingView Featured image from
Kanchanara on Unsplash.com, charts from TradingView.com
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