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Bitcoin's TD Sequential Indicator Predicts Potential Price Reversal

12/06/2024 21:10

According to U.Today, the TD Sequential indicator on Bitcoin's hourly chart has signaled a potential buy, suggesting that Bitcoin's price may increase over the next one to four candlesticks. This indicator, developed by Tom DeMark, identifies trend exhaustion points by examining a sequence of pricing bars. It consists of two phases: the setup phase and the countdown phase. The setup phase requires nine consecutive price bars, each closing higher or lower than the previous one, depending on the trend. If successful, the countdown phase follows, searching for a sequence of 13 bars that close lower or higher than the two preceding bars. Upon completion of the countdown, it typically signifies that the trend has reached its limit and a reversal is imminent. The recent buy signal on Bitcoin's hourly chart could indicate a short-term break from the current downward trend, pointing to a potential price increase. Bitcoin's price has recently experienced a decline due to several factors. One significant factor has been the liquidation clusters, which have created a cascading effect on the price due to large sell-offs and forced liquidations of leveraged positions. The downward pressure was intensified by substantial clusters of liquidations at $72,000-$69,000 and $66,000. Additionally, withdrawals from U.S. Bitcoin ETFs have influenced the current price action of Bitcoin. These ETFs recently experienced a net outflow of $64 million, ending a 19-day streak of inflows. This shift in investor sentiment from accumulation to selling has further pressured Bitcoin's price.

Bullish

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