According to the cryptanalyst Ali, A popular indicator, the TD Sequential, recently presented a sell signal on Bitcoin short-term charts. This development has sparked interest as it anticipates a possible correction for Bitcoin (BTC) over the next four candles.
According to the cryptanalyst Ali, A popular indicator, the TD Sequential, recently presented a sell signal on Bitcoin short-term charts. This development has sparked interest as it anticipates a possible correction for Bitcoin (BTC) over the next four candles.
On the four-hour chart of Bitcoin, the TD Sequential indicator has shown a sell signal, suggesting that the current uptrend may be losing steam and that a short-term correction could be imminent.
While the TD Sequential is not a guarantee of future price movements, its historical accuracy could present it as a watchful indicator for traders keeping an eye on short-term price movements.
Despite the sell signal, it is important to consider the broader context of Bitcoin price action.
At the time of writing, BTC was up 1.80% in the last 24 hours to $65,736 after hitting highs of $66,772 in today’s trading session.
BTC rose above $66,000 on Wednesday as US inflation data raised prospects of the Federal Reserve cutting interest rates in the coming months. BTC, like other risk assets, is susceptible to anticipated changes in monetary policy by major central banks.
Market uncertainty persists
Following the most recent data release, Bitcoin was seen erasing its gains at the time of writing along with several major cryptocurrencies.
The latest data releases suggest that US weekly jobless claims remain elevated, while April import and export prices rose sharply compared to the month. Import prices increased by 1.1% in April.
As things stand, eyes are on BTC’s 50-day SMA at $65,111 to act as an intermediate support to halt the current BTC price declines. The bulls may need to defend this key support level to avoid declines near $60,000.
On the other hand, if buyers hold the BTC price above the 50-day simple moving average, this could trigger a possible rally to the $73,777 resistance, where the bears are expected to put up a fight.
Galaxy Digital founder and CEO Mike Novogratz predicted during the company’s first-quarter earnings call that Bitcoin could consolidate between $55,000 and $75,000 before moving higher. Traders should pay attention to these key Bitcoin price levels.
