Renowned on-chain analyst Willy Woo suggests that Bitcoin (BTC) may have already surpassed its lowest point, indicating a promising outlook. With a sizable audience of 1.1 million followers on the social media platform X, Woo points to short-term technical indicators that hint at a potential reversal in BTC’s price trajectory. According to him, the looming possibility of a TD9 reversal on daily candles suggests a forthcoming correction to counteract the recent market overselling.
Highlighting the significance of a TD9 reversal, which stems from the Tom DeMark (TD) Sequential Indicator, traders utilize this tool to anticipate trend reversals by analyzing the closing prices of the previous 13 bars or candles. When the TD Sequential registers nine consecutive candles surpassing the closure of the preceding four candles, it signals a TD9.
Furthermore, Woo emphasizes that Bitcoin faces a crucial juncture at $54,000, where further liquidations could occur. He underscores the importance of this level in relation to short-term holders’ prices, which delineates a boundary between bullish and bearish market regimes. This shift, as indicated by Woo, poses a challenge within the broader market framework.
At the time of this report, BTC is priced at $60,885, reflecting a marginal decline of over 1% within the past 24 hours. To stay updated on the latest developments, subscribe for email notifications and follow our updates on X, Facebook, and Telegram. Stay informed with The Daily Hodl Mix.
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