Bitcoin hints at sell signal after hitting 3-month high

2023-10-22 17:19

Bitcoin price hit $30,369 on Saturday, its highest level since July. While bulls could push higher in coming weeks, the immediate outlook suggests a bearish flip. Crypto analyst Ali points to the TD Sequential indicator as hinting at a sell signal.

Bitcoin price rose to its highest level since July when it broke above $30k to reach highs of $30,369 on Saturday. BTC is indeed looking for its fourth-biggest weekly gains year-to-date.

However, although the benchmark crypto trading around $29,950 at the time of writing, an analyst says further retreat is possible given the potential for a key bearish signal.On the upside, market observers see a flip and weekly candle close above $31k as what bulls need to take control of the prevailing volatility.

BTC price shows sell signal

According to crypto analyst Ali, the potential for a head-and-shoulders pattern for BTC on the daily chart has received greater attention across the market. And in a chart shared on X on October 22, the analyst points to the possibility of the scenario unfolding given a key bearish signal – the TD Sequential indicator.

Other than the sell signal hinted at after BTC price rose over the past several days, the overextended outlook is added to by the daily RSI that has previously triggered notable pullbacks.

“The $BTC daily chart hints at a possible sell signal emerging tomorrow, based on the TD Sequential indicator flashing a green 9 candlestick. Not to mention, the RSI reached 74.21 — a level triggering sharp corrections since March,” Ali wrote on X.

Based on this outlook, the analyst noted:

“An impending price correction appears to be on the horizon unless #BTC manages to clock a daily candlestick close above $31,560.”

There's a lot of talk around a potential head-and-shoulders pattern forming in #Bitcoin daily chart. Let’s dissect it!

The $BTC daily chart hints at a possible sell signal emerging tomorrow, based on the TD Sequential indicator flashing a green 9 candlestick. Not to mention, the… pic.twitter.com/h7CiwRFcHb

— Ali (@ali_charts) October 22, 2023

A flip lower from the current resistance zone, and confirmation of the H&S pattern could mean a retest of immediate support around $28,492. A slight sell-off could also reignite the bearish target of $25k. 

The flipside could be catalysed by positive ETF news, with buyers targeting a run to the $40k area.

The post Bitcoin hints at sell signal after hitting 3-month high appeared first on CoinJournal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 74883.26 (-0.04%)
Объем 24H $71.175b
Изменеия 24h: 0.82 %, 7d: 3.55 %
Cегодня L: $74544.69 - H: $76122.08
Капитализация $1480.757b Rank 1
Цена в час новости $ 29918.52 (150.29%)

signal sell bitcoin outlook suggests bearish immediate

signal sell → Результатов: 98


OKX to Launch Signal Trading Platform, Empowering Traders with High-Quality Signals and Seamless Execution

OKX, the world's second-largest crypto exchange by trading volume and a leading Web3 technology company, has announced the upcoming launch of Signal Trading, a marketplace where users can access automated trading strategies based on technical analysis, or 'signals,' which indicate whether to buy or sell crypto.

2023-7-6 15:00


Bitcoin Taker Buy/Sell Ratio Short-Term Bull Signal Goes Off

On-chain data shows the Bitcoin taker buy/sell ratio has recently crossed above ‘1,’ a sign that the crypto could experience short-term bullish momentum. Bitcoin Taker Buy/Sell Ratio Surges Up Above A Value Of 1 As explained by an analyst in a CryptoQuant post, the current BTC taker buy/sell ratio trend may suggest the crypto might see sideways movement or a bullish reversal in the short-term.

2022-7-6 23:29


Bitcoin Bullish Signal: 1k-10k BTC Holders Have Been Buying Recently

On-chain data shows Bitcoin whales holding between 1k to 10k BTC have expanded their reserves recently, a sign that could be bullish for the crypto’s price. Bitcoin Reserves Of 1k-10k BTC Holders Have Observed Growth Recently As explained by an analyst in a CryptoQuant post, the whales holding between 1k to 10k BTC have shown smart-money behavior in the past as they usually buy near bottoms and sell near tops.

2022-6-7 22:00


Bitcoin Taker Buy/Sell Volume Shows “Buy” Signal As BTC Gears Up For Rally

On-chain data shows the Bitcoin taker buy/sell volume is now showing a “buy” signal as the crypto looks to be gearing up for a new rally. Bitcoin Taker Buy/Sell Volume Says Now May Be The Time To Buy As pointed out by an analyst in a CryptoQuant post, the BTC taker buy volume recently reached a value that has historically been a green signal for the crypto.

2022-3-2 22:00


Bitcoin Triggers First Sell Signal Since Last Month While S&P 500 Moves Closer to ATH

Today, the markets have been extending the losses from yesterday. Not just bitcoin but stocks also started by incurring losses despite better than expected retail sales and stable unemployment data, but as economist and trader Alex Kruger said, “the market has stopped reacting to it in the past few weeks.” What has been affecting the […]

2020-7-17 15:36