Bitcoin has a sell signal, but price is up; market uncertain

From Investing.com: 2024-05-16 16:30:19

Crypto analyst Ali pointed out that the TD Sequential indicator issued a sell signal on Bitcoin’s short-term charts, hinting at a potential correction in the next one to four candlesticks. Despite this, BTC was up 1.80% at $65,736, reaching highs of $66,772. Market uncertainty persists as U.S. data indicates high jobless claims and rising import prices. Bulls are eyeing the 50-day SMA at $65,111 as crucial support to prevent further declines.

On the flip side, sustaining BTC above the 50-day simple moving average could lead to a rally towards the resistance at $73,777, where bears may intervene. Galaxy Digital’s Mike Novogratz foresees consolidation between $55,000 and $75,000 before a potential uptrend. Traders are advised to monitor these key price levels closely.

Read more at Investing.com: Key Indicator Issues Signal Amid Market Uncertainty By U.Today