News
Buy Bitcoin Signal emerges as Jerome Powell offers strong economic outlook
Gamza Khanzadaev
While Jerome Powell remains optimistic about the economy, Bitcoin receives a bullish signal from the technical indicator
Continue reading U.TODAY
Google News
Eminent crypto analyst Ali Martinez has revealed a bullish forecast for Bitcoin (BTC), while the TD Sequential indicator flashes a buy signal on the cryptocurrency’s hourly chart. This development comes in the context of Federal Reserve Chairman Jerome Powell’s optimistic remarks on the state of the US economy.
The TD Sequential indicator works on the principle of sequential candle counting to identify potential trend reversals or continuation patterns. According to Martinez’s analysis, the indicator triggered a buy signal, indicating a potential price rebound Bitcoinwhich currently trades at $61,800, about 20% below its all-time high.
This signal typically occurs when a series of consecutive candles displays a specific pattern, signaling the exhaustion of the current trend and suggesting that a reversal may be imminent.
When will the Fed cut rates?
In the meantime, Jerome Powell gave an optimistic outlook for the economy at the annual general meeting of the Foreign Bankers Association.
Powell highlighted the resilience of the U.S. economy, citing GDP growth of more than 3% last year and the strength of the job market, which he said is as tight as it has been since before 2020.
However, he reiterated that patience is needed regarding inflation, underlining the need to continue restrictive monetary policy measures to maintain economic stability. Although he acknowledged higher-than-expected first-quarter inflation data, Powell expressed confidence in the economy’s ability to overcome the challenges.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated in Finance and Credit with a specialization in securities and financial derivatives. He then obtained a master’s degree in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.