Cryptocurrency

Bitcoin SV

Bitcoin

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 <p class="paragraph">Bitcoin (BTC) surged to a three-month high during the first trading session in Asia on October 23, igniting hopes of a substantial rally among investors.&nbsp;</p>
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 <p class="paragraph">While this upswing has indeed rekindled confidence in the pioneer cryptocurrency, there is a strong to remain cautious, according to an October 22 post by prominent crypto <a rel="noopener noreferrer nofollow" title="analyst" href="https://thebittimes.com/tag/analyst.html">analyst</a> Ali Martinez.&nbsp;</p>
 <h2 class="wp-block-heading" id="h-technical-indicators-point-to-a-trend-reversal">Technical indicators point to a trend reversal</h2>
 <p class="paragraph">In his <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, Martinez said BTC appears to be facing an “impending price correction,” following the latest rally unless it can print a daily candlestick close above $31,560.</p>
 <p class="paragraph">There are two main indicators pointing at a potential reversal – a head and shoulders pattern, and the relative strength index (RSI).</p>
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 <p class="paragraph">As can be observed from the <a rel="noopener noreferrer nofollow" title="chart" href="https://thebittimes.com/tag/chart.html">chart</a> below, Bitcoin’s price may be forming the head and shoulders pattern, which is considered a reliable indicator of a trend reversal, usually from bullish (upward) to bearish (downward) or vice versa.</p>
 <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/lYBbQxA2Svv7ATdq9VfK_ciS3JA8oKvt_yOAUg3Tl-cR-Gkb5zohUpfiSBnYekGzq9BmqlFyyZCerZHnQegUOz8Kg4zQVo19xSXw3vNKW7XZ0RF1C4NxzQnAK9fTJfwNQznLm7T4zKX59ix2jNk5tSI" alt>
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   Head and Shoulders pattern and RSI on Bitcoin chart. Source Ali Martinez
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 <p class="paragraph">Given that Bitcoin is currently in an uptrend, a bearish reversal may be on the horizon.&nbsp;</p>
 <p class="paragraph">Moreover, Martinez highlighted the RSI level at 74.21, which has consistently acted as a trigger for sharp corrections since March. In the wake of the recent rally, Bitcoin has once again reached this 74.21 RSI level, intensifying the indications of a potential price correction.</p>
 <p class="paragraph">Further reinforcing the prospects of a correction is the TD Sequential indicator, which is hinting “at a possible sell signal” that may emerge on October 23, said the expert.<br><br>In a separate tweet, he said the looming correction could push BTC as low as $28,630.&nbsp;</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">At the time of publication, BTC was changing hands at $30,622, up 2.6% in the past 24 hours.</p>
 <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/00hO8yBjyOA_TJOOYF0WQxzE9uAJAfYH1tioxas6i0D8_XLyY3k7cWhbudZNtlnFBHdjJsJJ8uz636BlWzDhWROCyI1xTnulPUuqtUHxy4FMqd1Pnbb31MWWFu1LPFYGO8uPWNOPHkCnfkGACV-rZso" alt>
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   BTC 1-day price chart. Source: Finbold
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 <p class="paragraph">The maiden cryptocurrency rose more than 8% over the past week and over 15% on the month, adding around $80 billion in market cap during this period.&nbsp;</p>
 <p class="paragraph">The new upturn appears to be driven by growing speculations that the long-awaited spot Bitcoin exchange-traded fund (ETF) may be approved by year-end. These rumors brought a fresh wave of optimism among cryptocurrency investors as such approval would bring more institutional players into the crypto space and act as a significant price catalyst.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-chart-hints-at-major-sell-signal-warns-analyst-tbt67361.html">https://thebittimes.com/bitcoin-chart-hints-at-major-sell-signal-warns-analyst-tbt67361.html</a></p>

Bitcoin chart hints at major ‘sell signal,’ warns analyst

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TheBitTimes

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