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Home»Bitcoin»Analyst who predicted the Bitcoin rally reveals time to sell
Bitcoin

Analyst who predicted the Bitcoin rally reveals time to sell

2024-09-21No Comments3 Mins Read
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This article is available in Spanish.

Bitcoin has performed well in recent days, after a sharp downturn in the first two weeks of September. This rally started in the middle of this week after the The Fed has decided to lower the benchmark interest rate by 50 basis points (bps), a move that turned out to be positive for cryptocurrencies.

This rally in particular was already predicted by some crypto analysts based on technical indicators. One of these is Ali Martinez, a master of the TD Sequential. However, in an interesting turn of events, the analyst has emphasized that investors need to “book some profits,” which is a sign of a possible price correction in the future.

Analysis of the Bitcoin rally

Bitcoin, which struggled to gain momentum earlier this month, entered a strong rally that began to take shape by mid-week. During this rally, Bitcoin once again broke above $63,000 increase its market dominancee. Furthermore, the rally peaked at $63,830, reflecting an increase of approximately 20.77% from the low of $52,827 on September 6.

Related reading

However, despite the current optimism surrounding Bitcoin’s price action, Martinez has a word of caution for investors. In a post shared on social media platform

Martinez pointed out that the same TD Sequential indicator, which gave a buy signal at $57,400 before Bitcoin’s recent rally, is now warning of a possible pullback. This suggests that while the recent rise has been notable, the market may be approaching a critical juncture for prices to recover.

The TD Sequential said to buy #Bitcoin at $57,400, and now it’s telling you to book some profits at $63,700! pic.twitter.com/0h1yNowkae

— Ali (@ali_charts) September 20, 2024

Is it time to sell?

Looking at Bitcoin’s price action since July, the $63,000 that acted as an order block earlier this year has largely functioned as the start of a resistance level during price increases. Although the TD Sequential signals a potential price correction, Bitcoin bulls are still testing the price confirmation of a continued rally.

See also  Bitcoin: Is This Support Enough to Prevent Another BTC Crash?

Related reading

According to another analysis by Ali Martinez Bitcoin is now testing the 200-day SMA, which is a crucial level for confirming bull runs. History has shown that not exceeding the 200-day SMA has led to significant corrections in the past. If history were to repeat itself, it could lead to a correction towards $40,000 before the end of the year.

Recent market dynamics and fundamentals have shown that Bitcoin is in a better place now than in the past. There are now bullish catalysts within the ecosystem, such as Spot Bitcoin ETFs, that would prevent a correction of such magnitude. Also one green monthly closing in September could better pave the way for a green ‘Uptober’ leading to the ongoing rally in October.

Nevertheless, the price levels of $63,000 and 200 SMA $63,900 are important to keep an eye on if Bitcoin develops further.

Dogecoin price chart from Tradingview.com
DOGE price rises to $0.106 | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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Analyst Bitcoin Predicted rally reveals Sell Time
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