Analyst Ali Reveals Concerning Signals for Bitcoin Price
In a recent analysis, Ali shared insights into two critical signals appearing on Bitcoin’s 12-hour chart that could impact its price trajectory. These signals include a ‘death cross’ and the ‘Tom Demark (TD) Sequential’ indicator.
Death Cross Signal
- Occurs when the short-term SMA falls below the long-term SMA.
- 50-day and 100-day SMAs represent short-term and long-term trend lines.
- Historically, considered a bearish signal with price implications.
TD Sequential Indicator
- Used to identify potential tops and bottoms in asset prices.
- Consists of setup and countdown phases.
- Setup completes after nine candles of the same polarity.
- Countdown phase involves counting up to thirteen candles.
Bitcoin Price Forecast
The analysis suggests that a potential drop in Bitcoin price is imminent, with targets set at $61,000 or even $59,000 if the price falls below $63,300. These levels represent a decline of 4.6% and 8%, respectively from the current price of $64,000.
Current Bitcoin Price Status
As of now, Bitcoin has managed to stay above the $63,300 mark but remains vulnerable to a potential downturn as indicated by the signals highlighted in the analysis.
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