{"id":639756,"date":"2024-09-05T02:00:31","date_gmt":"2024-09-05T02:00:31","guid":{"rendered":"https:\/\/uniquehot.com\/?p=639756"},"modified":"2024-09-04T12:28:49","modified_gmt":"2024-09-04T12:28:49","slug":"bitcoin-40600-if-this-happens-crypto-analyst-says","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-40600-if-this-happens-crypto-analyst-says\/","title":{"rendered":"Bitcoin Could Drop To $40,600 If This Happens, Crypto Analyst Says"},"content":{"rendered":"

An analyst has explained how Bitcoin could witness a drop to the $40,600 level based on a pattern forming in its 2-month price chart.<\/p>\n

Bitcoin Has Seen A TD Sequential Sell Signal On Its 2-Month Price<\/h2>\n

In a new post<\/a> on X, analyst Ali Martinez has discussed about a Tom Demark (TD) Sequential<\/a> signal that has formed in the 2-month price of Bitcoin. The TD Sequential is an indicator in technical analysis (TA) that’s generally used for spotting positions of probable reversal in any asset’s price.<\/p>\n

This indicator involves two phases: setup and countdown. In the first of these setups, candles of the same color (that is, whether red or green) are counted up to nine. After these nine candles are in, the asset could be assumed to have reached a point of turnaround.<\/p>\n

Related Reading: Bitcoin Investors Beware: MVRV Has Given Bear Market Signal<\/a><\/div>\n

Naturally, if the candles that led to the setup’s completion were green, then the TD Sequential would give a sell signal. Similarly, red candles could suggest a bottom may be here.<\/p>\n

Once the setup is done with, the second phase of the indicator, the countdown, begins. The countdown works much like the setup, with the main difference being that candles here are counted up to thirteen, instead of nine. Following these thirteen candles, the asset may be considered to have reached another potential top or bottom.<\/p>\n

Bitcoin has completed a TD Sequential phase of the former type recently. Here is the 2-month price chart of the cryptocurrency shared by the analyst, which shows this signal:<\/p>\n

\"Bitcoin
Looks like the TD setup has been completed with nine green candles recently | Source: @ali_charts on X<\/a><\/figcaption><\/figure>\n

As displayed in the above graph, the Bitcoin 2-month price has recently finished a TD Sequential setup with nine green candles, implying that the cryptocurrency may have encountered some kind of top.<\/p>\n

Since the signal has appeared, BTC has been on the way down<\/a>, with its price currently under the $57,000 level. Thus, it’s possible that this pattern’s bearish effect may already be taking hold.<\/p>\n

As for how deep this drawdown can take Bitcoin, Martinez has pointed out the support level at $51,000. This level corresponds to the 0.236 Fibonacci Retracement level from the recent BTC top.<\/p>\n

Related Reading: Bitcoin, XRP See Declining Whale Activity: What It Means<\/a><\/div>\n

Fibonacci Retracement<\/a> levels are based on the Fibonacci series, where dividing each number (beyond 5) in the series by the next numbers produces ratios that are consistent throughout the series.<\/p>\n

It’s possible that Bitcoin may find support at the next such important ratio, but the analyst notes that if the $51,000 support gets breached, the cryptocurrency could end up going all the way down to $40,600, which corresponds to the 0.382 Fibonacci Retracement level.<\/p>\n

In the scenario that BTC does end up revisiting this level, its price would have gone through a drawdown of more than 28% from the current level. It now remains to be seen how the asset’s trajectory plays out from here.<\/p>\n

BTC Price<\/h2>\n

Bitcoin has furthered its latest decline during the past day as its price has now slipped to $56,600.<\/p>\n

\"Bitcoin
The price of the coin appears to have plunged over the last 24 hours | Source: BTCUSD on TradingView<\/a><\/figcaption><\/figure>\n
Featured image from Dall-E, charts from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

An analyst has explained how Bitcoin could witness a drop to the $40,600 level based on a pattern forming in its 2-month price chart. Bitcoin Has Seen A TD Sequential Sell Signal On Its 2-Month Price In a new post on X, analyst Ali Martinez has discussed about a Tom Demark (TD) Sequential signal that has formed in the 2-month price of Bitcoin. The TD Sequential is an indicator in technical analysis (TA) that’s generally used for spotting positions of probable reversal in any asset’s price. This indicator involves two phases: setup and countdown. In the first of these setups, candles of the same color (that is, whether red or green) are counted up to nine. After these nine candles are in, the asset could be assumed to have reached a point of turnaround. Related Reading: Bitcoin Investors Beware: MVRV Has Given Bear Market Signal Naturally, if the candles that led to the setup’s completion were green, then the TD Sequential would give a sell signal. Similarly, red candles could suggest a bottom may be here. Once the setup is done with, the second phase of the indicator, the countdown, begins. The countdown works much like the setup, with the main difference being that candles here are counted up to thirteen, instead of nine. Following these thirteen candles, the asset may be considered to have reached another potential top or bottom. Bitcoin has completed a TD Sequential phase of the former type recently. Here is the 2-month price chart of the cryptocurrency shared by the analyst, which shows this signal: As displayed in the above graph, the Bitcoin 2-month price has recently finished a TD Sequential setup with nine green candles, implying that the cryptocurrency may have encountered some kind of top. Since the signal has appeared, BTC has been on the way down, with its price currently under the $57,000 level. Thus, it’s possible that this pattern’s bearish effect may already be taking hold. As for how deep this drawdown can take Bitcoin, Martinez has pointed out the support level at $51,000. This level corresponds to the 0.236 Fibonacci Retracement level from the recent BTC top. Related Reading: Bitcoin, XRP See Declining Whale Activity: What It Means Fibonacci Retracement levels are based on the Fibonacci series, where dividing each number (beyond 5) in the series by the next numbers produces ratios that are consistent throughout the series. It’s possible that Bitcoin may find support at the next such important ratio, but the analyst notes that if the $51,000 support gets breached, the cryptocurrency could end up going all the way down to $40,600, which corresponds to the 0.382 Fibonacci Retracement level. In the scenario that BTC does end up revisiting this level, its price would have gone through a drawdown of more than 28% from the current level. It now remains to be seen how the asset’s trajectory plays out from here. BTC Price Bitcoin has furthered its latest decline during the past day as its price has now slipped to $56,600. Featured image from Dall-E, charts from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":639805,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,461,679,91660,91661,1119,1144],"class_list":["post-639756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-bearish","tag-bitcoin-price","tag-bitcoin-sell-signal","tag-bitcoin-td-sequential","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Could Drop To $40,600 If This Happens, Crypto Analyst Says<\/title>\n<meta name=\"description\" content=\"An analyst has explained how Bitcoin could witness a drop to the $40,600 level based on a pattern forming in its 2-month price chart.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Could Drop To $40,600 If This Happens, Crypto Analyst Says","url":"http:\/\/uniquehot.com\/bitcoin-news\/bitcoin-40600-if-this-happens-crypto-analyst-says\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/bitcoin-news\/bitcoin-40600-if-this-happens-crypto-analyst-says\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/09\/btc_6f50de.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/09\/btc_6f50de.png?fit=1792%2C1024"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bearish","bitcoin price","bitcoin sell signal","bitcoin td sequential","btc","btcusd"],"dateCreated":"2024-09-05T02:00:31Z","datePublished":"2024-09-05T02:00:31Z","dateModified":"2024-09-05T02:00:31Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Could Drop To $40,600 If This Happens, Crypto Analyst Says\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/bitcoin-news\\\/bitcoin-40600-if-this-happens-crypto-analyst-says\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/bitcoin-news\\\/bitcoin-40600-if-this-happens-crypto-analyst-says\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/btc_6f50de.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/btc_6f50de.png?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bearish\",\"bitcoin price\",\"bitcoin sell signal\",\"bitcoin td sequential\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-09-05T02:00:31Z\",\"datePublished\":\"2024-09-05T02:00:31Z\",\"dateModified\":\"2024-09-05T02:00:31Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/09\/btc_6f50de.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/639756"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=639756"}],"version-history":[{"count":1,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/639756\/revisions"}],"predecessor-version":[{"id":639908,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/639756\/revisions\/639908"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/639805"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=639756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=639756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=639756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}