U.Today – According to cryptocurrency analyst Ali, the popular TD Sequential indicator recently presented a sell signal on short-term charts. This development has attracted interest as it predicts a potential Bitcoin (BTC) correction within the next four candlesticks.
On Bitcoin’s four-hour chart, the TD Sequential indicator flashed a sell signal, suggesting that the current uptrend may be losing steam and that a short-term correction may be inevitable.
While TD Sequential does not guarantee future price movements, its historical accuracy may present it as a watchful indicator for traders who pay attention to short-term price movements.
Despite the sell signal, it is critical to consider the broader context of Bitcoin’s price action.
At the time of writing, BTC price has increased by 1.80% in the last 24 hours to $65,736 after reaching a high of $66,772 during today’s trading session.
BTC rose to over $66,000 on Wednesday as U.S. inflation data raised the prospects of the Fed cutting interest rates in the coming months. BTC, like other risky assets, is susceptible to expected changes in the monetary policy of major central banks.
Market uncertainty persists
The latest data releases suggest that weekly U.S. jobless claims remain elevated, while April import and export prices have surged this month. Import prices increased by 1.1% in April.
As things stand, eyes are on BTC’s daily 50-day SMA at $65,111, which will act as intermediate support to stem the current BTC price declines. Bulls may need to defend this key support level to prevent a decline near $60,000.
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On the other hand, if buyers maintain the BTC price above the 50-day straightforward moving average, it could trigger a possible resistance surge at $73,777, where the bears are expected to put up a fight.
Galaxy Digital founder and CEO Mike Novogratz predicted during the company’s first-quarter earnings call that Bitcoin could consolidate in the $55,000 to $75,000 range before rising. Traders should pay attention to these key Bitcoin price levels.
