Bitcoin failed to replicate its mid-week form over the weekend, hovering around $68,000. Despite a quiet performance over the past day, the leading cryptocurrency has managed to hold above $68,000.
However, a popular cryptocurrency expert on social media platform X has said that BTC prices may not be able to sustain this level for long, leading some investors to wonder whether this potential correction is just a blip or a complete turnaround in the latest bull run.
Bitcoin Price Faces Short-Term Correction â Whatâs Next, Says Analyst
In a recent post on the X platform, cryptocurrency analyst Ali Martinez made an interesting prediction about the price of Bitcoin, saying that the leading cryptocurrency could see a short-term correction. According to the expert, the âTom Demarkâ (TD) chain has flashed a sell signal for BTC price on the daily chart.
TD Sequential is an indicator in technical analysis used to identify potential points of trend exhaustion and price reversal. This technical analysis tool consists of two main phases; namely the TD Setup phase and the TD Countdown phase.
Specifically, the Setup phase consists of nine candles of the same extreme (bearish and bullish). In the bullish Setup phase, the starting number â1â is drawn on a candle that closes higher than the closing price of the candle four periods ago.
Meanwhile, a bearish âSetupâ is characterized by a starting number of â1â on a candle that closes lower than the closing price of the candle four periods ago. A potential reversal point can be identified when the TD Sequential charts are above the top or bottom of a candle in an uptrend or downtrend.
As shown in the chart above, the number â9â has just been printed on a candle on the daily Bitcoin chart, signaling the completion of the Setup phase. Considering that the Bitcoin price was initially in an uptrend, it seems that the leading cryptocurrency will have a short correction in a few days.
In recent days, there has been heated discussion about BTC prices coming back and possibly surpassing their current all-time highs. However, Martinez advises investors to expect Bitcoin prices to experience a short-term pullback âbefore reaching higher highs.â
Bitcoin Price Overview
As of this writing, Bitcoin is trading at around $68,272, down just 0.5% over the past day. The leading cryptocurrency has gained nearly 9% over the past seven days, according to CoinGecko data.
The post Bitcoin Price Holds Above $68,000, But TD Sequential Issues Sell Warning appeared first on Crypto Breaking News.#btc #MarketDownturn #BinanceTurns7
