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Bitcoin's Short-Term Charts Indicate Potential Correction, Says Crypto Analyst

17/05 17:33

According to U.Today, a sell signal on Bitcoin's short-term charts has been presented by the TD Sequential, a popular indicator, says crypto analyst Ali. This development has sparked interest as it suggests a potential correction for Bitcoin (BTC) over the next one to four candlesticks. On Bitcoin's four-hour chart, the TD Sequential indicator has flashed a sell signal, indicating that the current uptrend may be nearing its end and a short-term correction could be on the horizon. While the TD Sequential is not a guarantee of future price movements, its historical accuracy may make it a useful tool for traders monitoring short-term price movements. However, it is crucial to consider the broader context of Bitcoin's price action. At the time of writing, BTC had risen 1.80% in the last 24 hours to $65,736 after hitting highs of $66,772 in the day's trading session. BTC surged to over $66,000 on Wednesday as U.S. inflation data increased the likelihood of the Fed reducing interest rates in the coming months. Like other risk assets, BTC is vulnerable to anticipated changes in major central banks' monetary policy. Following the most recent data release, Bitcoin was observed wiping out its gains at the time of writing, along with several major cryptocurrencies. The latest data suggests that U.S. weekly jobless claims remain high, while April import and export prices both saw significant monthly increases. Import prices rose 1.1% in April. Currently, BTC's daily 50-day SMA at $65,111 is being watched to act as an intermediate support to stop BTC's current price declines. Bulls may need to defend this key support level to prevent declines near $60,000. On the flip side, if buyers maintain the BTC price above the 50-day simple moving average, this could trigger a potential rally to the resistance at $73,777, where bears are expected to resist. Galaxy Digital founder and CEO Mike Novogratz predicted during the company’s first-quarter earnings call that Bitcoin might consolidate between $55,000 and $75,000 before moving higher. Traders are advised to keep an eye on these key Bitcoin price levels.

Bullish

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