Bitcoin Falls Below $113,000, But This Indicator Says It’s Time To Buy

Bitcoin has slipped under the $113,000 level during the past day, but an analyst has pointed out how a technical indicator could suggest this is a buying ￰0￱ Sequential Has Just Given A Buy Signal For Bitcoin In a new post on X, analyst Ali Martinez has talked about how the Tom Demark (TD) Sequential has just formed a signal for Bitcoin on its 4-hour price ￰1￱ TD Sequential is an indicator from technical analysis (TA) that’s used for locating potential points of reversal in an asset’s ￰2￱ Reading: Dogecoin Ready To Bark Again? Analyst Sees Path To $0.45 The indicator involves two ￰3￱ the first of these, known as the setup, it counts candles of the same color up to ￰4￱ the ninth candle is in, it gives a turnaround signal for the asset.

Naturally, the signal is a buy one if the preceding candles were red and a sell one if they were ￰5￱ soon as the setup is over, the second phase, called the countdown, kicks ￰6￱ countdown works much like the setup, with the key difference being that the indicator counts up thirteen candles here, not ￰7￱ these thirteen candles, the price trend is considered to have reached exhaustion once ￰8￱ other words, the asset may have reached another top or ￰9￱ has completed a TD Sequential phase of the first type ￰10￱ is the chart shared by Martinez that shows the signal forming in BTC’s 4-hour ￰11￱ the graph, it’s visible that the TD Sequential has completed this setup with nine red candles, which implies Bitcoin may have arrived at some sort of ￰12￱ signal has come as the cryptocurrency’s price has plummeted and retraced its recent ￰13￱ now remains to be seen whether the buy setup will hold, or if there is more decline coming for the ￰14￱ Reading: Bitcoin Cash (BCH) Plunges 6.7% As Social Media Shows Overhype In another X post, the analyst has talked about a potential pattern forming for Bitcoin that could also point to a bullish ￰15￱ displayed in the above chart, Bitcoin’s 4-hour price has potentially been following an inverse ￰16￱ pattern appears whenever an asset’s price registers a low (called the head) between two higher lows (the shoulders).

BTC has formed the left shoulder and head so far, with the right shoulder possibly brewing with the price ￰17￱ the scenario that the right shoulder does get confirmed, a bullish breakout may follow for the cryptocurrency, since an inverse head-and-shoulders is generally considered to be a bullish reversal ￰18￱ Price At the time of writing, Bitcoin is trading around $112,300, down over 2.5% in the last 24 ￰19￱ image from Dall-E, charts from ￰20￱