Bitcoin
Bitcoin Poised for a Recovery Based on One Indicator, Says Crypto Analyst – Here’s His Outlook
A closely followed cryptocurrency analyst says that Bitcoin (BTC) is gearing up to recover based on a key indicator.
In a new strategy session, cryptocurrency trader Ali Martinez account its 66,600 on social media platform X that the Tom DeMark (TD) Sequential indicator is flashing a buy signal on the cryptocurrency king’s one-hour chart.
“TD presents a buy signal on the Bitcoin hourly chart, anticipating a one to four hourly candlestick rally for BTC!”
Source: Ali Martinez/X
The TD Sequential indicator is commonly used by traders to determine potential reversal points for an asset.
Martinez it says that historically, the top crypto asset by market cap bounced back in July after a tough month in June.
“Historically, when Bitcoin has had a negative June, it tends to bounce back strongly in July. In fact, BTC showed an average return of 7.98% and a median return of 9.60% during this month.”
Source: Ali Martinez/X
However, the analyst says that based on current futures positions, it is possible that Bitcoin’s fall is not over yet.
“Bitcoin price action has been brutal, but only $280.9 million in longs have been liquidated and $25.4 million in shorts. In the past, we have seen mass liquidation events of over $1 billion! This tells us that either the BTC crash is not over yet or that the shorts are about to be obliterated.”
Source: Ali Martinez/X
Bitcoin is trading at $57,534 at the time of writing, down 4.8% over the past 24 hours. On July 1, it was trading at $63,322.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/arleksey/Sol Invictus