A sell signal has emerged on the Bitcoin daily chart that could return the price to $28,630 according to Ali, a renowned technical analyst. The expert posted the latest BTC price prediction on X, where he provided pictorial evidence to show that TD Sequential has indicated a sell signal on the Bitcoin daily chart.
#Bitcoin | The TD Sequential presents a sell signal on $BTC daily chart. Watch out for a potential #BTC correction to $29,500 or even $28,630!
You can try this trading strategy at @PrimeXBT. Use the promo code **alicharts** and register here: https://t.co/LbAqCIiIIa pic.twitter.com/aMh5FckBLC
— Ali (@ali_charts) October 23, 2023
Ali’s latest Bitcoin price prediction follows a previous analysis where he analyzed a potential head-and-shoulders pattern forming on the Bitcoin daily chart. As of yesterday, October 22, Ali predicted the upcoming sell signal by spotting a green nine candlestick flashed by the TD Sequential. A 74.21 Relative Strength Index (RSI) value, which Ali identified as a renowned level for triggering sharp corrections since March, supported the TD Sequential signal.
As of yesterday, the technical analyst predicted the impending pullback, which could only be nullified by a daily candle closing above $31,560.
The current Bitcoin rally was triggered by the false news of a spot Bitcoin ETF approval following a social media post by one of the journalists of a renowned crypto media platform. The flagship crypto spiked by 10.35% moments after the news broke. However, a 50% retracement followed the spike after a confirmation that it was false information.
Despite the retracement, Bitcoin price resisted further collapse, with several users suggesting that many buy limit orders may have been filled following the spike. The price rally continued about 48 hours after the pullback, and Bitcoin has delivered bullish daily candles ever since.
Data from TradingView shows that the Bitcoin price reached $30,988 in the early hours of today before dropping to $30,550 at the time of writing. Ali’s prediction could push BTC down into the support region, where it spent about two weeks between the end of July and the beginning of August.
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