bitcoin Has Been Highlighted Recently Due to an Intriguing Buy Signal twitter.com/ali_charts/status/1800454005099012554?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>identified on your hourly chart. This indication comes amid a notable fluctuation in the price of bitcoin, setting the stage for potential short-term gains.
Renowned crypto analyst Ali has highlighted a significant development on bitcoin's hourly chart, specifically pointing out a “buy signal” detected by the TD Sequential indicator. This technical tool, developed by Tom DeMark, is respected for its ability to predict price reversals by analyzing exhaustion points in trends.
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Decoding the TD Sequential Indicator on bitcoin Chart
The TD Sequential operates in two main phases: setup and countdown. The setup phase requires nine consecutive price bars to close progressively up or down, depending on the direction of the trend.
After a successful setup, the countdown phase begins, looking for a sequence of 13 bars that continue the trend but should close beyond the high or low of the previous two bars.
Completing this countdown usually indicates an exhausted trend, ready for a reversal. bitcoin's hourly chart shows the completion of this pattern, suggesting an imminent rally in the coming hours.
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The TD Sequential presents a buy signal in the twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#bitcoin hourly chart, predicting a potential bounce of one to four candles for twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>$btc! pic.twitter.com/pnAMFHHbPe
– Ali (@ali_charts) twitter.com/ali_charts/status/1800454005099012554?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>June 11, 2024
This technical forecast comes as bitcoin faces downward pressure, recently falling below $67,000, a price level not seen since late May. bitcoin is currently trading at $66,855, down 3.7%, which has sparked widespread comments among investors and analysts.
Buy The Dip, says Mow
Samson Mow, CEO of Jan3 and prominent bitcoin advocate, recently x.com/Excellion/status/1800420314234687685″ target=”_blank” rel=”nofollow”>moved the bitcoin community with a post on his x account that included an optimistic forecast for the price of bitcoin. Revisiting his previous post, he added a very optimistic prediction that bitcoin could reach up to $1 million per btc.
In his post, Mow used a visual diagram to compare the capital currently available on the market with the amount of bitcoin available and potentially mineable in the future.
The illustration did not specify quantities, but effectively showed the small amount of bitcoin available relative to the large amount of capital that could potentially purchase it.
The diagram, designed as overlapping triangles resembling an hourglass, emphasized the scarcity of bitcoin compared to available capital.
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Mow's post highlighted his outlook on the current price decline, suggesting that despite the decline, the fundamental outlook for bitcoin remains strong due to its limited supply and growing adoption. He used the term “BTFD” – “buy the damn dip” – to suggest a bullish outlook.
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It feels strange to see twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#bitcoin the price drops when we are at an unprecedented level of adoption. BTFD!
– Samson Mow (@Excellion) twitter.com/Excellion/status/1800359004562178546?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>June 11, 2024
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