According to a Renowned Analyst, an Important Buying Signal Has Emerged in Bitcoin!

  • Ali believes that a drop below $25,300 would eliminate the significance of the signal and nullify the bullish scenario.
  • On Thursday, Bitcoin gained 2.7% after breaking out of a narrow range. A bullish candlestick, which is characteristic of a buying signal on the daily chart, was formed.
  • As Bitcoin attempts to recover from a two-week price slump, it gained nearly 8% on August 29th. The recovery halted at $28,142, and the price closed the day at $27,726.

According to a famous analyst, Bitcoin must break the critical resistance level to reach the $28,000 level; What if it doesn’t break?

Is it Time to Buy Bitcoin?

A buying signal has emerged on the Bitcoin chart, as indicated by Ali, a well-known technical analyst in the cryptocurrency market. Ali observed that the TD Sequential indicator provided a buying signal on the 3-day Bitcoin chart.

While analyzing the signal, Ali noted that a close above $26,800 would propel Bitcoin towards $28,000. However, Ali believes that a drop below $25,300 would eliminate the significance of the signal and nullify the bullish scenario.

On Thursday, Bitcoin gained 2.7% after breaking out of a narrow range. A bullish candlestick, a characteristic of a buying signal on the daily chart, was formed. However, the developments of the past few weeks demand continuous bullish behavior from Bitcoin before confirming an uptrend.

$26,800 is critical for BTC

Bitcoin broke through a cluster of resistance on Thursday, but as indicated by Ali, $26,804 is marked as significant resistance. Bitcoin identified this resistance when it halted a significant upward move initiated with a classic reversal candlestick on the daily chart on August 23rd. As a result, the reversal candlestick signaled a bearish rejection and formed support at $25,346 according to TradingView data.

Bitcoin’s recent price movements have confirmed that Ali’s short-term targets for potential breakouts are aligned with the $28,000 price region, representing Bitcoin in August.

As Bitcoin attempts to recover from a two-week price slump, it gained nearly 8% on August 29th. The recovery halted at $28,142, and the price closed the day at $27,726. Bitcoin has been maintaining a downward trend since the recent rejection, but Ali’s predictions could prove correct if the flagship cryptocurrency makes an upward move.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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