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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Is Now The Time To Buy Bitcoin? Latest Chart Analysis Says Yes – Here’s Why

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Is Now The Time to Buy Bitcoin

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Bitcoin has recently been spotlighted due to an intriguing buy signal identified on its hourly chart. This indication emerges amidst a notable fluctuation in Bitcoin’s price, setting the stage for potential short-term gains.

Renowned crypto analyst Ali has highlighted a significant development on the hourly chart of Bitcoin, specifically noting a ‘buy signal’ detected by the TD Sequential indicator. This technical tool, developed by Tom DeMark, is respected for its ability to predict price reversals by analyzing exhaustion points in trends.

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1 year ago

Decoding The TD Sequential Indicator On Bitcoin Chart

The TD Sequential operates in two main phases: the setup and the countdown. The setup phase requires nine consecutive price bars closing progressively higher or lower, depending on the trend’s direction.

Following a successful setup, the countdown phase begins, searching for a sequence of 13 bars that continue the trend but must close beyond the high or low of two bars prior.

Completing this countdown typically signals an exhausted trend, poised for a reversal. Bitcoin’s hourly chart shows the completion of this pattern, suggesting an imminent uptick over the next few hours.

The TD Sequential presents a buy signal on the #Bitcoin hourly chart, predicting a potential rebound of one to four candlesticks for $BTC! pic.twitter.com/pnAMFHHbPe

— Ali (@ali_charts) June 11, 2024

This technical prognosis arrives as Bitcoin contends with downward pressure, recently dipping below $67,000, a price level not seen since late May. Currently, Bitcoin is trading at $66,855, marking a 3.7% decline, which has sparked widespread commentary among investors and analysts.

Bitcoin (BTC) price chart on TradingView
BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Buy The Dip, Says Mow

Samson Mow, the CEO of Jan3 and a notable Bitcoin advocate, recently stirred the Bitcoin community with a post on his X account that included an optimistic forecast for Bitcoin’s price. Revisiting his earlier post, he added a highly optimistic prediction that Bitcoin could reach as high as $1 million per BTC.

In his post, Mow used a visual diagram to compare the current available capital in the market with the amount of Bitcoin available and potentially mine-able in the future.

Available Bitcoin (BTC).
Available Bitcoin (BTC). | Source: Samson Mow

The illustration did not specify quantities but effectively showed the small amount of Bitcoin available relative to the vast amount of capital that could potentially purchase it.

The diagram, designed as overlapping triangles resembling an hourglass, emphasized the scarcity of Bitcoin in comparison to available capital.

Related Reading

Bitcoin Stubborn Stand Below $100K

Bitcoin’s Stubborn Stand Below $100K: What’s Holding It Back?

1 year ago

Mow’s post highlighted his perspective on the ongoing price dip, suggesting that despite the drop, the fundamental outlook for Bitcoin remains strong due to its limited supply and growing adoption. He use the term “BTFD” – “buy the f**king dip” – to suggest a bullish outlook.

Feels weird seeing #Bitcoin price go down when we’re at a level of unprecedented adoption. BTFD!

— Samson Mow (@Excellion) June 11, 2024

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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