Bitcoin has performed well In the last few days, after a significant downturn experienced in the first 2 weeks of September. This rally started in the middle week following the Fed decided to slash the benchmark Interest rate was cut by 50 basis point (bps), which proved to be a positive move for cryptocurrency.
This rally has been predicted in the past by some crypto analysts using technical indicators. Ali Martinez is a master in the TD Sequential. In an unexpected turn of events the analyst highlighted that investors should consider a TD Sequential. “book some profits,” This is an indication of a possible price correction in the future.
Analysis of the Bitcoin Rally
Bitcoin’s rally, which had been slow to start earlier this month, began taking shape in midweek. Bitcoin broke above $63,000 once again during this rally. increase its market dominancFurther, the rally reached its peak at $63,830. This represents a 20.77% increase from a September 6 low of only $52,827.
Read Related Articles
Martinez cautions investors, even though the price of Bitcoin is currently rising. Martinez shared a message on the social media platform X highlighting that TD Sequential, a market trend analysis tool he uses frequently, now indicates the possibility of a correction in the price near $63,700.
Martinez noted that the same TD Sequential, which had flashed a Buy signal before Bitcoin’s rally of recent weeks, now warns about a potential pullback. The market is nearing an important juncture, where the prices may retrace.
You should buy the TD Sequential, according to TD Sequential #Bitcoin You’ve just booked a profit of $63,700 at $57400! pic.twitter.com/0h1yNowkae
— Ali (@ali_charts) September 20, 2024
When is it time to sell?
Bitcoin price has moved up since July. The 63,000 mark, which initially acted an order-block, now acts as a level of resistance. Bitcoin bulls have not yet given up on the price, even though the TD Sequential is signaling a possible correction. confirmation of a continued rally.
Read Related Articles
The following is a list of another analysis According to Ali Martinez, Bitcoin has now reached the 200-day SMA. This is an important level that confirms bull runs. In the past, failure to surpass the 200-day SMA led to major corrections. This could result in a $40,000 correction before the end the year if history repeats itself.
Bitcoin’s current market fundamentals and dynamics are better than they were in the past. In the current ecosystem there are bullish factors, such as Spot Bitcoin Exchange Traded Funds (ETFs), that will prevent a massive correction. Außerdem, green monthly close in September could better pave the way for a green ‘Uptober,’ leading to the continued rally in October.
Bitcoin will need to be aware of the price levels at $63,000 and the 200 SMA level $63,900.
Featured image was created using Dall.E chart, from Tradingview.com
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
