Bitcoin’s price could see a correction following a sell signal from the TD Sequential indicator. According to Ali Charts, this signal on Bitcoin’s daily chart suggests a potential shift from its recent bullish trajectory.
The TD Sequential, which identifies possible reversal points, points to a stall or retracement in Bitcoin’s price as it trades near significant resistance levels. Currently, BTC is close to $91,169, just below the 1.0 Fibonacci extension level at $93,483, which is anticipated to present resistance.
A #Bitcoin $BTC price correction could be underway as the TD Sequential indicator presents a sell signal on the daily chart! pic.twitter.com/MMCPzY1bAx
— Ali (@ali_charts) November 14, 2024
This caution is further echoed by Crypto Patel, another analyst who predicts a price pullback if Bitcoin fails to sustain its momentum above $93,200. He notes a short-entry zone between $91,000 and $92,500, with potential support targets at $86,000 and $81,000.
BTC’s Fibonacci Levels Provide Key Support Zones
Bitcoin’s possible support zones are being defined in large part by Fibonacci retracement levels. Three Fibonacci levels are highlighted in Ali’s analysis: the 1.0 level at $93,483, the 0.786 level at $86,489, and the 0.618 level at $81,367.
This sell signal highlights the possibility of a downturn. This is as Bitcoin is trading close to these levels, suggesting a potential stop or correction in the rally.
If a correction occurs, these levels may act as support zones, giving Bitcoin a cushion for potential consolidation. A sustained move below the 0.786 level could see BTC retreat to $81,367, further reinforcing these support zones.
Read also: XRP Price Hits Multi-Year Resistance Break, Could $1.03 Be Next?
Analysts Identify Bearish Order Block as Key Resistance
Crypto Patel suggests that Bitcoin’s short-term outlook hinges on whether it can break above the $93,200 threshold. If Bitcoin remains below this resistance, it could confirm a bearish order block. This will likely lead to a retracement toward the $86,000 and $81,000 levels.
Patel advises traders to set a stop-loss on short positions above this level, aiming to minimize risk should Bitcoin push past the resistance.
#Bitcoin Chart Analysis UpdateAfter a strong upward move, I'm expecting some retracement ahead. Short Entry Zone: $91,000 – $92,500 Bearish Order Block: If Bitcoin price stays below this level, we could see a drop to target levels: Targets:1⃣ $86,0002⃣ $81,000… pic.twitter.com/wkj15ThjiD
— Crypto Patel (@CryptoPatel) November 14, 2024
While a pullback appears imminent, analysts note that Bitcoin’s uptrend may continue after consolidation. Higher Fibonacci extension levels, such as 1.272 at $103,195 and 1.414 at $108,660, could serve as future targets if Bitcoin breaks above $93,483.
However, analysts emphasize that this uptrend will likely depend on Bitcoin’s ability to establish support at current levels and surpass the resistance at $93,200.
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