- According to an analyst, a buy signal has emerged on the Bitcoin chart.
- The TD Sequential indicator presented a buy signal on the Bitcoin 3-day chart.
- A sustained close above $26,800 would pave the way for Bitcoin to rally toward $28,000.
A buy signal has emerged on the Bitcoin chart, according to Ali, a renowned technical analyst in the crypto market. Ali observed that the TD Sequential indicator presented a buy signal on the Bitcoin 3-day chart.
#Bitcoin | The TD Sequential presented a buy signal on $BTC 3-day chart. A sustiained close above $26,800 could could pave the way for a surge to $28,000.However, a #BTC dip below $25,300 would nullify this bullish scenario pic.twitter.com/yowlLc0lHv— Ali (@ali_charts) September 8, 2023
Analyzing the signal, Ali noted that a sustained close above $26,800 would pave the way for Bitcoin to rally toward $28,000. However, he thinks a dip below $25,300 would nullify the signal’s relevance and neutralize the bullish scenario.
On Thursday, September 7, 2023, Bitcoin gained 2.7% by breaking out of a tight range. It formed a bullish candle on the daily chart, characteristic of a buy signal. However, developments of the past few weeks demand sustained bullish behavior from Bitcoin before confirming an upward trend.
Bitcoin broke through a cluster of resistances on Thursday; however, $26,804 is marked as a significant resistance, as indicated by Ali. Bitcoin established resistance on August 23, when it halted a notable rally initiated by a classic reversal candle on the daily chart. Consequently, the reversal candle marked a bearish rejection and formed a support at $25,346, according to data from TradingView.
BTCUSD Daily Chart on TradingView
Bitcoin’s recent price action confirmed that Ali’s projections were consistent with the turning points established within the past few weeks. Apart from the short-term targets he marked for potential breakouts, the $28,000 price region represented Bitcoin in August.
Bitcoin gained nearly 8% on August 29 when it attempted to recover from a two-week price crash. The recovery halted at $28,142, with the price closing at $27,726 on the day. Bitcoin has remained bearish since the last rejection, but Ali’s predictions could prove accurate, provided the flagship crypto achieves a breakout to the upside.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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