- 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.
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.
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.
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