The Bitcoin (BTC) market has been of interest as prominent analyst Ali Charts observed a buy signal on BTC’s hourly chart using the TD Sequential indicator. This signal suggests that BTC may be poised for a bullish movement if certain support levels hold.
The expert has identified BTC’s support at $74,500. If maintained, it could propel a move toward the $76k resistance level.
The TD Sequential, known for identifying trend reversals, flashed a green “1” on BTC’s hourly chart, often indicating the start of a bullish phase. This signal, appearing after a recent downtrend, has caught the attention of traders anticipating a possible price reversal.
Should BTC sustain its support at $74,500, the likelihood of a rebound becomes stronger, potentially drawing more buyers into the market.
The TD Sequential has flashed a buy signal on the #Bitcoin $BTC hourly chart! If the $74,500 support holds, we could see a rebound toward $76,000. pic.twitter.com/Y09K2xdd7a
— Ali (@ali_charts) November 7, 2024
Key Fibonacci Levels Offer Support and Resistance
BTC’s price movement is closely aligned with several Fibonacci retracement levels, which are widely recognized as support and resistance markers.
The 0.236 level, situated at $74,947, has emerged as an initial support, with BTC trading slightly above this threshold at $75,011. Should the momentum continue, BTC will encounter resistance at subsequent Fibonacci levels, namely:
0.382 level at $75,238
0.5 level at $75,473
0.618 level at $75,710
0.786 level at $76,048, a level near the target highlighted in Ali Charts’ tweet.
Each of these levels represents potential turning points, with the $76,000 mark being a notable hurdle that could either cap or extend BTC’s upward movement.
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Higher Resistance Targets: Beyond $76,000
If BTC manages to breach the $76,000 resistance level, further gains may be achievable. The Fibonacci extensions suggest higher targets at:
1.0 level at $76,481
1.272 level at $77,035
1.414 level at $77,325
These levels indicate areas where BTC may face selling pressure if buyers push beyond $76,000. Such resistance targets will likely be influential in determining BTC’s price trajectory should bullish momentum persist.
Support at $74,500: A Key Level to Watch
The support level of $74,500, as noted by Ali Charts, is pivotal.
Maintaining this level is essential to validating the buy signal and ensuring a stable base for potential upward movement. A breach of this support could signal a downturn, disrupting the bullish setup projected by the TD Sequential indicator.
Per data from CoinGecko at press time, BTC is trading at $74,732.64 with a daily volume of $73.78 billion, marking a 1.20% increase over the last day and a 3.73% rise in the past week.
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