{"id":532343,"date":"2023-05-12T16:30:39","date_gmt":"2023-05-12T16:30:39","guid":{"rendered":"https:\/\/www.wncen.com\/?p=532343"},"modified":"2024-06-11T08:15:37","modified_gmt":"2024-06-11T08:15:37","slug":"is-this-the-perfect-time-to-buy-bitcoin","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/is-this-the-perfect-time-to-buy-bitcoin\/","title":{"rendered":"Is This The Perfect Time To Buy Bitcoin? TD Sequential And RSI Suggests So"},"content":{"rendered":"<p>Bitcoin (BTC) investors have been closely monitoring the cryptocurrency market in recent days due to Bitcoin&#8217;s significant drop in price. The market&#8217;s largest cryptocurrency has shown a downtrend in its price action and has lost its key support level at $27,200, which was previously noted by the 50-day moving average (MA).<\/p>\n<p>Despite the bearish trend, trader and analyst Ali <a href=\"https:\/\/twitter.com\/ali_charts\/status\/80839680?s=20\" target=\"_blank\" rel=\"noopener nofollow\">suggests<\/a> that there may be some hope for bulls. Though the market is currently in a state of decline, Ali believes that there is still a chance for BTC to experience a reversal shortly.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/analysis\/pepe\/pepe-coin-ready-another-pump-on-chain-data\/\" target=\"_blank\" rel=\"noopener \">Is Pepe Coin Ready For Another Pump? Here\u2019s What On-Chain Data Says<\/a><\/div>\n<h2><b>Buy The Bitcoin Dip?<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Ali points to the TD Sequential indicator on the Bitcoin 4-hour chart, which has shown a buy signal. In addition, a bullish divergence is developing on the Relative Strength Index (RSI), indicating a potential reversal shortly.\u00a0<\/span><\/p>\n<figure id=\"attachment_532346\" aria-describedby=\"caption-attachment-532346\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-532346\" src=\"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/05\/Fv6_AtZWYAAIBlz.jpg?resize=860%2C588\" alt=\"Bitcoin \" width=\"860\" height=\"588\"><figcaption id=\"caption-attachment-532346\" class=\"wp-caption-text\">RSI and TD potential buy signals. Source: <a href=\"https:\/\/twitter.com\/ali_charts\/status\/80839680?s=20\" target=\"_blank\" rel=\"noopener nofollow\">Ali on Twitter.<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Bitcoin has been experiencing a period of volatility, with the cryptocurrency facing a strong resistance level at $28,000 in the past few days, following the release of the Consumer Price Index (CPI) rates by the Federal Reserve (Fed). <\/span><\/p>\n<p><span style=\"font-weight: 400\">Although trader and analyst Ali believes that if Bitcoin can hold above the $26,000 support level, there could be an upswing to either $26,860 or $27,570. <\/span><span style=\"font-weight: 400\">On the other hand, Ali suggests that if Bitcoin fails to hold above the $26,000 level, it could trigger a further drop to $25,200. <\/span><\/p>\n<p><span style=\"font-weight: 400\">However, there is some good news for Bitcoin bulls, as the 200-day moving average (MA) is currently placed at $24,700. This level could potentially act as a crucial threshold for BTC, serving as a bottom line for the cryptocurrency in the short term.<\/span><\/p>\n<h2>Bitcoin And Crypto Market Vulnerable To Short Squeeze?<\/h2>\n<p><span style=\"font-weight: 400\">According to the latest <\/span><a href=\"https:\/\/qcp.capital\/featured-article\/market-update-12-may-23\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">report <\/span><\/a><span style=\"font-weight: 400\">by the Singapore-based digital asset trading firm, QCP Capital, this week&#8217;s sell-off has caused Bitcoin to fall through the head and shoulders trendline, but a close below $26,500 is still preventing a larger breakdown. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Additionally, Bitcoin has a negative divergence on momentum indicators, leading QCP Capital to be biased towards a near-term break lower, potentially to the $25,000 mark and then to the $20,000-$22,000 level.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite this, QCP Capital views the lower level of $20,000-$22,000 as a high-conviction medium-term buy zone. The firm has even sold physically settled puts at this level before, indicating its confidence in the cryptocurrency&#8217;s long-term prospects.<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/www.wncen.com\/news\/ethereum\/key-support-levels-to-monitor-as-ethereum-price-slows-down\/\" target=\"_blank\" rel=\"noopener \">Key Support Levels To Monitor As Ethereum Price Slows Down<\/a><\/p>\n<p><span style=\"font-weight: 400\">Furthermore, according to Chart 3 in the report, as seen below, an increase in volatility has historically led to a strengthening of the USD and a weakening of risk assets such as BTC. <\/span><\/p>\n<p><span style=\"font-weight: 400\">The report notes that while the outcome of the current political drama in Washington is uncertain, the market&#8217;s response in terms of implied volatility across assets will be key in determining the next trend direction.<\/span><\/p>\n<figure id=\"attachment_532347\" aria-describedby=\"caption-attachment-532347\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-532347\" src=\"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/05\/Chart-3-2-1.jpeg?resize=860%2C492\" alt=\"Bitcoin \" width=\"860\" height=\"492\"><figcaption id=\"caption-attachment-532347\" class=\"wp-caption-text\">BTC\/DXY chart. Source: <a href=\"https:\/\/qcp.capital\/featured-article\/market-update-12-may-23\/\" target=\"_blank\" rel=\"noopener nofollow\">QCP Capital.<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">The report also suggests that a sharp increase in volatility could lead to a move lower for BTC and other risk assets. This could be a concern for investors who have seen BTC reach new annual highs in 2023. However, volatility can create opportunities for traders who can navigate the market&#8217;s ups and downs.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As of this writing, the largest cryptocurrency in the market, BTC, is currently trading at $26,300, down by 2.1% in the last 24 hours.\u00a0<\/span><\/p>\n<div>\n<figure style=\"width: 1813px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/Thnc6Z0p\/\" alt=\"Bitcoin \" width=\"1813\" height=\"858\"><figcaption class=\"wp-caption-text\">BTC&#8217;s downtrend on the 1-day chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/imgb0rW1\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Featured image from iStock, a chart from TradingView.com <\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) investors have been closely monitoring the cryptocurrency market in recent days due to Bitcoin&#8217;s significant drop in price. The market&#8217;s largest cryptocurrency has shown a downtrend in its price action and has lost its key support level at $27,200, which was previously noted by the 50-day moving average (MA). Despite the bearish trend, trader and analyst Ali suggests that there may be some hope for bulls. Though the market is currently in a state of decline, Ali believes that there is still a chance for BTC to experience a reversal shortly. Related Reading: Is Pepe Coin Ready For Another Pump? Here\u2019s What On-Chain Data Says Buy The Bitcoin Dip? Ali points to the TD Sequential indicator on the Bitcoin 4-hour chart, which has shown a buy signal. In addition, a bullish divergence is developing on the Relative Strength Index (RSI), indicating a potential reversal shortly.\u00a0 Bitcoin has been experiencing a period of volatility, with the cryptocurrency facing a strong resistance level at $28,000 in the past few days, following the release of the Consumer Price Index (CPI) rates by the Federal Reserve (Fed). Although trader and analyst Ali believes that if Bitcoin can hold above the $26,000 support level, there could be an upswing to either $26,860 or $27,570. On the other hand, Ali suggests that if Bitcoin fails to hold above the $26,000 level, it could trigger a further drop to $25,200. However, there is some good news for Bitcoin bulls, as the 200-day moving average (MA) is currently placed at $24,700. This level could potentially act as a crucial threshold for BTC, serving as a bottom line for the cryptocurrency in the short term. Bitcoin And Crypto Market Vulnerable To Short Squeeze? According to the latest report by the Singapore-based digital asset trading firm, QCP Capital, this week&#8217;s sell-off has caused Bitcoin to fall through the head and shoulders trendline, but a close below $26,500 is still preventing a larger breakdown. Additionally, Bitcoin has a negative divergence on momentum indicators, leading QCP Capital to be biased towards a near-term break lower, potentially to the $25,000 mark and then to the $20,000-$22,000 level. Despite this, QCP Capital views the lower level of $20,000-$22,000 as a high-conviction medium-term buy zone. The firm has even sold physically settled puts at this level before, indicating its confidence in the cryptocurrency&#8217;s long-term prospects. Related Reading: Key Support Levels To Monitor As Ethereum Price Slows Down Furthermore, according to Chart 3 in the report, as seen below, an increase in volatility has historically led to a strengthening of the USD and a weakening of risk assets such as BTC. The report notes that while the outcome of the current political drama in Washington is uncertain, the market&#8217;s response in terms of implied volatility across assets will be key in determining the next trend direction. The report also suggests that a sharp increase in volatility could lead to a move lower for BTC and other risk assets. This could be a concern for investors who have seen BTC reach new annual highs in 2023. However, volatility can create opportunities for traders who can navigate the market&#8217;s ups and downs. As of this writing, the largest cryptocurrency in the market, BTC, is currently trading at $26,300, down by 2.1% in the last 24 hours.\u00a0 Featured image from iStock, a chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":532344,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,78790,6664,1558],"class_list":["post-532343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-btcusdt","tag-crypto","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>Is This The Perfect Time To Buy Bitcoin? 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. 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