Bitcoin’s Buy Signal Sparks Potential Short-Term Gains
Bitcoin has drawn attention lately due to an intriguing buy signal detected on its hourly chart. This signal emerges amidst significant price fluctuations in Bitcoin, indicating the possibility of short-term gains.
Analyzing The TD Sequential Indicator On Bitcoin’s Chart
The TD Sequential indicator operates in two primary phases: the setup phase and the countdown phase. Here’s an overview of how it works:
- The setup phase requires nine consecutive price bars to close progressively higher or lower, depending on the trend’s direction.
- After a successful setup, the countdown phase begins, looking for a sequence of 13 bars that must continue the trend but close beyond the high or low of two bars prior.
- Completing this countdown typically signals an exhausted trend, indicating a potential reversal.
Impending Bitcoin Uptick Predicted by TD Sequential Indicator
Bitcoin’s hourly chart displays the completion of this pattern, hinting at a possible uptick in the next few hours. The buy signal triggered by the TD Sequential indicator predicts a rebound of one to four candlesticks for Bitcoin, potentially leading to short-term gains.
Bitcoin Price Update Amidst Downward Pressure
Currently, Bitcoin is facing downward pressure, recently dropping below $67,000, a price level not seen since late May. As of now, Bitcoin is trading at $66,855, marking a 3.7% decline, sparking discussions among investors and analysts about the future price trajectory.
Samson Mow Highlights Bitcoin’s Scarcity Amidst Price Dip
Crypto personality Samson Mow recently shared his perspective on Bitcoin’s ongoing price dip, emphasizing the token’s scarcity and growing adoption:
- Mow used a visual diagram to illustrate the limited supply of Bitcoin relative to the capital available for potential purchase.
- The diagram, shaped like overlapping triangles resembling an hourglass, underscores the scarcity of Bitcoin in comparison to available capital.
- Mow’s bullish outlook on Bitcoin’s future was encapsulated in the term “BTFD” – “buy the f**king dip” – indicating a positive long-term view despite temporary price fluctuations.
Hot Take: Bitcoin’s Buy Signal and Price Outlook
Bitcoin’s recent buy signal on the hourly chart indicates a potential uptick and short-term gains for investors. While facing downward pressure and trading below $67,000, Bitcoin’s fundamental strengths, including scarcity and growing adoption, continue to support a positive outlook for long-term growth in the crypto market.
By
By
By
By