{"id":648921,"date":"2024-10-20T10:00:29","date_gmt":"2024-10-20T10:00:29","guid":{"rendered":"https:\/\/uniquehot.com\/?p=648921"},"modified":"2024-10-20T06:52:31","modified_gmt":"2024-10-20T06:52:31","slug":"bitcoin-price-holds-above-68000-but-td-sequential-sounds-sell-alarm","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-holds-above-68000-but-td-sequential-sounds-sell-alarm\/","title":{"rendered":"Bitcoin Price Holds Above $68,000, But TD Sequential Sounds Sell Alarm"},"content":{"rendered":"

The Bitcoin price has not quite been able to replicate its midweek form over the weekend, hovering around the $68,000 level. Despite the quiet performance in the past day, the premier cryptocurrency has managed to hold its own above $68,000.<\/span><\/p>\n

However, a prominent crypto pundit on social media platform X has said that the price of BTC might not be able to hang on to this level<\/a> for too long. This has left several investors wondering if this potential correction is only a hiccup or a complete turnaround in the latest bull run resurgence.<\/span><\/p>\n

Analyst Says Bitcoin Price To Face Brief Correction \u2014 What Next?<\/b><\/h2>\n

In a recent post on the X platform, crypto analyst Ali Martinez put forward<\/a> an interesting prognosis for the price of Bitcoin, saying that the premier cryptocurrency might be set for a brief correction in the short term. According to the pundit, the \u201cTom Demark\u201d (TD) Sequential has flashed a sell signal for the BTC price on the daily chart.<\/span><\/p>\n

Related Reading: Dogecoin Breaks Away With 9% Surge: Why This Could Trouble Bitcoin<\/a><\/div>\n

The TD Sequential<\/a> is an indicator in technical analysis used to identify potential points of trend exhaustion and price reversal. This technical analysis tool comprises two major phases; namely the TD Setup phase and the TD Countdown phase.<\/span><\/p>\n

Specifically, the Setup phase is made up of nine candles of the same polarity (bearish and bullish). In a bullish Setup phase, the starting number \u201c1\u201d is plotted on a candle that closes higher than the close of the candle four periods ago.\u00a0<\/span><\/p>\n

Meanwhile, a bearish \u201cSetup\u201d is characterized by the starting number \u201c1\u201d on a candle that closes lower than the close of the candle four periods ago. A potential point of reversal can be identified when the TD Sequential plots figure on the top or bottom of a candle in a bullish or bearish trend.<\/span><\/p>\n

\"Bitcoin
Source: Ali_charts\/X<\/figcaption><\/figure>\n

As shown in the chart above, the number \u201c9\u201d has only just been printed on top of a candlestick on the Bitcoin daily chart, signaling the completion of the Setup phase. Considering that the Bitcoin price was originally in a bullish trend, it appears that the flagship cryptocurrency is set for a brief correction for a few days.<\/span><\/p>\n

In recent days, there have been heavy discussions around the price of BTC revisiting and perhaps surpassing its current all-time high. Nevertheless, Martinez<\/a> advised investors to anticipate the Bitcoin price experiencing a brief pullback \u201cbefore higher highs.\u201d<\/span><\/p>\n

Bitcoin Price At A Glance<\/b><\/h2>\n

As of this writing, the price of Bitcoin stands at around $68,272, reflecting a mere 0.5% dip in the past day. According to CoinGecko data, the premier cryptocurrency is up by nearly 9%<\/a> in the last seven days.<\/span><\/p>\n

Related Reading: Ethereum Bullish Pattern Signals Upcoming Rally \u2013 Analyst Sets $2,870 Target<\/a><\/div>\n
<\/div>\n
\n
\"Bitcoin
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView<\/a><\/figcaption><\/figure>\n<\/div>\n
Featured image from iStock, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price has not quite been able to replicate its midweek form over the weekend, hovering around the $68,000 level. Despite the quiet performance in the past day, the premier cryptocurrency has managed to hold its own above $68,000. However, a prominent crypto pundit on social media platform X has said that the price of BTC might not be able to hang on to this level for too long. This has left several investors wondering if this potential correction is only a hiccup or a complete turnaround in the latest bull run resurgence. Analyst Says Bitcoin Price To Face Brief Correction \u2014 What Next? In a recent post on the X platform, crypto analyst Ali Martinez put forward an interesting prognosis for the price of Bitcoin, saying that the premier cryptocurrency might be set for a brief correction in the short term. According to the pundit, the \u201cTom Demark\u201d (TD) Sequential has flashed a sell signal for the BTC price on the daily chart. Related Reading: Dogecoin Breaks Away With 9% Surge: Why This Could Trouble Bitcoin The TD Sequential is an indicator in technical analysis used to identify potential points of trend exhaustion and price reversal. This technical analysis tool comprises two major phases; namely the TD Setup phase and the TD Countdown phase. Specifically, the Setup phase is made up of nine candles of the same polarity (bearish and bullish). In a bullish Setup phase, the starting number \u201c1\u201d is plotted on a candle that closes higher than the close of the candle four periods ago.\u00a0 Meanwhile, a bearish \u201cSetup\u201d is characterized by the starting number \u201c1\u201d on a candle that closes lower than the close of the candle four periods ago. A potential point of reversal can be identified when the TD Sequential plots figure on the top or bottom of a candle in a bullish or bearish trend. As shown in the chart above, the number \u201c9\u201d has only just been printed on top of a candlestick on the Bitcoin daily chart, signaling the completion of the Setup phase. Considering that the Bitcoin price was originally in a bullish trend, it appears that the flagship cryptocurrency is set for a brief correction for a few days. In recent days, there have been heavy discussions around the price of BTC revisiting and perhaps surpassing its current all-time high. Nevertheless, Martinez advised investors to anticipate the Bitcoin price experiencing a brief pullback \u201cbefore higher highs.\u201d Bitcoin Price At A Glance As of this writing, the price of Bitcoin stands at around $68,272, reflecting a mere 0.5% dip in the past day. According to CoinGecko data, the premier cryptocurrency is up by nearly 9% in the last seven days. Related Reading: Ethereum Bullish Pattern Signals Upcoming Rally \u2013 Analyst Sets $2,870 Target Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":573240,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[87818,428,679,78790,58580],"class_list":["post-648921","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-ali-martinez","tag-bitcoin","tag-bitcoin-price","tag-btcusdt","tag-td-sequential"],"acf":[],"yoast_head":"\nBitcoin Price Holds Above $68,000, But TD Sequential Sounds Sell Alarm<\/title>\n<meta name=\"description\" content=\"Despite the quiet performance in the past day, the Bitcoin price has managed to hold its own above $68,000. 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However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. 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