Renowned chart analyst ALi Chart raised concerns for short-term traders after the TD Sequential indicator sent a sell signal on the Bitcoin 12-hour chart. This warning follows a consistent trend observed since early February. All sell signals in the indicator were followed by price declines in the range of 1.6% to 3.5%.
Bitcoin is headed for a downtrend
In recent market research, ALI Charts uses the TD Sequence indicator, a popular tool among traders to identify potential changes in the trend, and currently displays a sell signal on the 12-hour BTC system.
On the other hand, this could be an important signal for short-term traders. Historical data from early February shows that whenever this signal was issued to sell, the price of Bitcoin fell between 1.6% and 3.5%.
Whenever the TD Sequential indicator shows a “9” or “13” indicating overbought conditions and a possible price reversal, he sees a sharp decline in the next price action.
BTC is facing a 20% decline.
In line with Martinez’s prediction, another expert, Crypto Jelle, also predicted a near-term decline for BTC, predicting a 20% price correction, especially with BTC surpassing its all-time high of $69,000 and Jelle admitting that it “will go down.” … road name.
Despite the caution, Jelle urges investors to make the best of the situation and not worry about the outcome. He emphasized the importance of patience as a key attribute for success in the ever-evolving cryptocurrency space.
bitcoin price action
Despite cautious sentiment from analysts, the price of Bitcoin rose 4% over the past 24 hours to hover around $72,300. Trading volume increased by 78.70% and now stands at $51.87 billion.
This significant increase in trading activity signals increased interest and momentum in the cryptocurrency market, which means the timing of sell signals has become more timely for investors and traders.