According to TD Sequential Analysis in Bitcoin, There May Be a Decrease in Price!
One of the most popular indicators of the cryptocurrency market has started to give a sell signal for Bitcoin.
Bitcoin analyst Ali Martinez turned to the TD Sequential indicator to interpret the short-term course of the market.
According to CoinGecko data, Bitcoin rose above $71,000 today. CoinGlass data shows that a total of $112 million worth of positions were liquidated within 24 hours, including $72.9 million worth of short positions.
Price correction may occur
TD Sequantial, named after Tom Demark, is an indicator developed to determine when the trend is losing strength and when the price will reverse.
TD Sequantial consists of two stages: setup and counting. These stages help understand whether the trend will reverse in the bullish and bearish markets.
The crypto analyst said that the TD Sequential indicator is giving a “sell signal” on the hourly Bitcoin chart. The analyst warned that there may be a correction in Bitcoin during the one- to four-hour candle.
In order for Bitcoin to break the price record in March, it must exceed $73,000. Galaxy Digital founder Mike Novogratz said that if this level is exceeded, the price may move towards $100,000. According to Novogratz, thanks to the elimination of legal uncertainties in the USA, Bitcoin has taken the winds that used to crush it behind it.
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