Bitcoin Triple Threat: Analyst Identifies Three Signals For BTC Price Rebound
August 04 2024 - 4:30AM
NEWSBTC
A popular crypto analyst on the X platform has sounded the buy
alarm for Bitcoin after the premier cryptocurrency fell to the
$60,000 level this weekend. Can Bitcoin Price Make A Return To
$67,000? In a recent post on X, popular crypto pundit Ali Martinez
shared an exciting analysis of the price of BTC over the coming
days. According to the crypto analyst, the latest price action
shows that the flagship cryptocurrency could be gearing for a
rebound to its former highs. Related Reading: Could Bitcoin
Outshine Gold? Trading Guru Weighs In On The Historic Financial
Duel The reasoning behind this bullish projection is the formation
of multiple buy signals by the TD (Tom Demark) Sequential on the
Bitcoin four-hour chart. The TD Sequential is a technical analysis
indicator used to identify possible points of trend exhaustion and
price reversal. The TD Sequential consists of two phases; namely
setup and countdown. For the setup, nine candlesticks of the same
polarity (bullish or bearish) are counted, upon which a reversal is
expected to occur. Typically, the direction of the reversal will
depend on the candles involved in the setup I.e., nine bearish
candles would represent a buy signal and vice versa. Upon the
completion of the setup, the countdown phase commences, which
involves 13 candles — rather than nine — of the same polarity. A
completion of the second phase implies that there is likely another
reversal point. According to Martinez, the TD Sequential has
pinpointed a potential reversal for the Bitcoin price. On the
four-hour chart, the indicator presents an aggressive 13, a
sequential 13, and a red 9 candlestick. The aggressive 13,
sequential 13, and red 9 all suggest that the current downward
trend might be losing momentum, thereby hinting at a possible trend
reversal in the short term. Ultimately, these signals are
indicating a strong buy opportunity for premier cryptocurrency,
having shed some of its value in recent days. However, if the
prediction of a price rebound fails to hold and the $60,000 support
crumbles, investors could see the price of Bitcoin fall as low as
$57,000. BTC Price At A Glance As of this writing, the price
of Bitcoin continues to hover around $61,000, recording barely any
movement in the last 24 hours. According to data from CoinGecko,
the premier cryptocurrency has declined in value by more than 10%
in the past week. Related Reading: Solana Rebound: SOL To Hit $260
Despite Continuous Dip, Analyst Says Featured image from iStock,
chart from TradingView
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