Is Now The Time To Buy Bitcoin? Latest Chart Analysis Says Yes – Here’s Why

As a seasoned crypto investor with years of experience under my belt, I’ve learned to keep a keen eye on market trends and technical indicators. The recent buy signal identified by the TD Sequential indicator on Bitcoin’s hourly chart has piqued my interest.

Bitcoin has gained attention lately as an hourly chart reveals an intriguing sign suggesting it might be a good time to buy. This signal comes during Bitcoin’s price volatility, implying possible profits for those who act swiftly in the short term.

Expert analysis by cryptocurrency veteran Ali brings attention to a noteworthy occurrence on Bitcoin’s hourly chart. He identifies a ‘buy signal’ triggered by the TD Sequential indicator, a reliable technical tool devised by Tom DeMark. This instrument is renowned for its prediction of price reversals by examining trend exhaustion points.

Decoding The TD Sequential Indicator On Bitcoin Chart

the preparation and the counter. During the preparation stage, which is trend-dependent, there should be nine successive bars closing with increasing or decreasing prices.

After a prosperous initialization, the search commences for a pattern of thirteen consecutive bars that align with the trend and conclude by surpassing the high or low of the preceding two bars.

Finishing off this countdown is often a sign that a trend has run its course and is about to change direction. An analysis of Bitcoin’s hourly chart indicates that this trend reversal may occur in the coming hours.

As a crypto investor, I’m keeping a close eye on the hourly chart of Bitcoin. Based on the TD Sequential indicator, it looks like we’re due for a buy signal. This means that there’s a strong possibility of a rebound, ranging from one to four candlesticks in length, for Bitcoin’s price!

— Ali (@ali_charts) June 11, 2024

In simpler terms, the technical prediction comes as Bitcoin faces resistance to move up, having dropped below $67,000 – a price point last seen in late May. At present, Bitcoin is being traded at $66,855, representing a 3.7% decrease, causing quite a stir among investors and financial experts.

Is Now The Time To Buy Bitcoin? Latest Chart Analysis Says Yes – Here’s Why

Buy The Dip, Says Mow

Samson Mow, the CEO of Jan3 and a well-known Bitcoin supporter, caused a buzz in the Bitcoin world with an upbeat projection about its price on his X social media platform. In this post, he expressed a strongly optimistic viewpoint that Bitcoin could potentially soar to the astonishing price of $1 million per BTC.

In his writing, Mow employed a clear graphic representation to contrast the existing financial resources within the market against the potential Bitcoins that could be extracted in the future.

Is Now The Time To Buy Bitcoin? Latest Chart Analysis Says Yes – Here’s Why

As an analyst, I observed that the diagram did not provide numerical data yet succinctly conveyed the minimal quantity of Bitcoin in contrast to the immense financial resources capable of acquiring it.

The diagram, featuring interlocking triangles akin to an hourglass shape, underscored the limited supply of Bitcoin relative to the abundant investment funds.

Mow’s post brought attention to his viewpoint regarding the current price decline of Bitcoin. Regardless of this setback, he emphasized that the digital currency’s robust fundamentals, characterized by its limited availability and expanding adoption, continue to support a positive outlook. He advocated for buying more Bitcoin during the dip using the colloquial expression “BTFD,” which stands for “buy the f***ing dip.”

Feels weird seeing #Bitcoin price go down when we’re at a level of unprecedented adoption. BTFD!

— Samson Mow (@Excellion) June 11, 2024

Read More

2024-06-11 23:10