The post Bitcoin (BTC) Nears the Finish Line as TD Sequential Flashes a Sell Signal appeared on BitcoinEthereumNews.com.
Bitcoin is currently hovering at around $62.9K. The BTC chart is forming a bearish engulfing pattern. The dominant digital asset, Bitcoin (BTC), is currently trading at $62,984 with a session range between $62,410 and $64,432. Meanwhile, its trading volume is sitting at $27.84 billion, with the BTC market having seen $97.62 million in liquidations over the past 24 hours. The 3-day chart from Alicharts exhibits that a TD Sequential sell signal has printed just ahead of August, a month that has historically been associated with Bitcoin pullbacks. Adding to the bearish case, BTC has printed a bearish engulfing candle on the daily chart and failed to reclaim market structure after rejecting the retest of the broken rising channel. As long as price trades below that structure, the bearish bias remains intact. Key Support and Resistance Levels of BTC The immediate picture of the asset’s price trajectory is clear. It needs to break above $65K to generate any lasting serious momentum. Until that happens, any movements of BTC between $60K and $65K are just sideways action. On the downside, $60K–$61K is the first crucial test. The $58K–$60K zone has been defended repeatedly and remains the strongest support. Moreover, a Bitcoin breakdown below that opens the path to the $55,000 threshold. One more liquidity sweep remains a real possibility before any recovery attempt becomes the conversation. Also, a TD sell signal and a bear engulfing candle heading into a historically weak month is not a combination bulls want. The next move from $63K will set the tone for the rest of August. Is Bitcoin Preparing for an Extended Downside? The Moving Average Convergence Divergence line is below the signal line, and the short-term selling pressure is accelerating, triggering a strong sell signal. Moreover, both lines are below zero, hinting that the overarching…