Bitcoin Facing Potential Correction as TD Sequential Indicator Signals Sell
Cryptocurrency analyst Ali warns of a potential downturn as the TD Sequential indicator flashes a sell signal on Bitcoin’s short-term charts.
Indicator Signals Short-Term Correction
The TD Sequential indicator on Bitcoin’s four-hour chart has triggered a sell signal, indicating a possible end to the current uptrend and a forthcoming short-term correction.
Although the indicator is not a definite predictor of future price movements, its historical reliability makes it a valuable tool for traders monitoring short-term market trends.
Despite this sell signal, it is crucial to consider the broader context of Bitcoin’s price action.
At present, BTC is up 1.80% in the last 24 hours, trading at $65,736, after reaching highs of $66,772 earlier today.
Market Volatility Persists
Lingering market uncertainty is evident as U.S. weekly jobless claims remain high, and April’s import and export prices recorded significant increases.
Attention is now focused on BTC’s daily 50-day SMA at $65,111, which could serve as an intermediate support level to prevent further price declines.
If buyers maintain BTC above the 50-day simple moving average, a potential rally towards the $73,777 resistance level may ensue.
Galaxy Digital’s Mike Novogratz predicts Bitcoin may consolidate between $55,000 and $75,000 before moving higher, urging traders to monitor these key price levels closely.
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