A Bullish Signal for Bitcoin, According to Cryptocurrency Analyst
A trending cryptocurrency analyst impliesย that Bitcoinย (BTC) has shown a positiveย trend signal after its recent decline. According to trader Ali Martinez, Bitcoinย (BTC) could see an 8% bounce if it remains over a critical price level. Martinez shared on social media that the TD Sequential indicator presented a buy signal on the three-day chart. If Bitcoinย (BTC) can sustain a close over $26,800, it may surge to $28,000. Nonetheless, if Bitcoin falls below $25,300, this positiveย trend scenario would be invalidated.
The Tom DeMark Sequential indicator tracks price points to indicate probable trend reversals. It identifies a pause, pullback, or reversal in theย present trend. A reversal is signaled when nine consecutive candles close lower than the candles four periods earlier.
Atย theย timeย ofย publication, Bitcoinย (BTC) is currentlyย worth $25,862, experiencing a 0.3% increase in the past 24 hours. Martinez likewise pointedย outย that a wholeย lotย of amount of Bitcoin has been sent to cryptocurrency exchanges, suggesting a probable increase in Bitcoinย (BTC) selling.
Ethereumย (ETH) Faces a Market Correction Risk
Martinez isย warning that Ethereumย (ETH) may experience a severe market correction if it fails toย sustain a key price level. He bases his assessment on the profit or loss of Ethereumย (ETH) holders at specific price levels. If Ethereumย (ETH) falls below $1,680, itย might pave the way for a substantial correction down to $1,200.
Asย ofย now, Ethereumย (ETH) is currentlyย worth $1,628, showing a 0.1% decrease in theย previousย day. Inย addition, Martinez observed that large amounts of Cardanoย (ADA) are being sold off by cryptocurrency whales.
Cardanoย (ADA) Whales Sell Off ADA
According to Martinez, Cardanoย (ADA) whales have sold or redistributed approximately 1.02 Billion ADA in the lastย week, amounting to around $265 Million. Cardanoย (ADA) is currentlyย worth $0.25, down 0.1% in the last 24 hours.
Hot Take: Bitcoinย (BTC) and Ethereumย (ETH) Face Crucial Levels
The recent analysis by Ali Martinez outlines the importance of key price levels for Bitcoinย (BTC) and Ethereumย (ETH). Bitcoinโs probable positiveย trend scenario depends on remaining over $26,800, while Ethereumย (ETH) faces a market correction risk if it falls below $1,680. It is critical for cryptocurrency traders to monitor these levels closely to make notified investment decisions.
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