A Bullish Signal for Bitcoin, According to Cryptocurrency Analyst
A trending cryptocurrency analyst implies that Bitcoin (BTC) has shown a positive trend signal after its recent decline. According to trader Ali Martinez, Bitcoin (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 Bitcoin (BTC) can sustain a close over $26,800, it may surge to $28,000. Nonetheless, if Bitcoin falls below $25,300, this positive 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 the present trend. A reversal is signaled when nine consecutive candles close lower than the candles four periods earlier.
At the time of publication, Bitcoin (BTC) is currently worth $25,862, experiencing a 0.3% increase in the past 24 hours. Martinez likewise pointed out that a whole lot of amount of Bitcoin has been sent to cryptocurrency exchanges, suggesting a probable increase in Bitcoin (BTC) selling.
Ethereum (ETH) Faces a Market Correction Risk
Martinez is warning that Ethereum (ETH) may experience a severe market correction if it fails to sustain a key price level. He bases his assessment on the profit or loss of Ethereum (ETH) holders at specific price levels. If Ethereum (ETH) falls below $1,680, it might pave the way for a substantial correction down to $1,200.
As of now, Ethereum (ETH) is currently worth $1,628, showing a 0.1% decrease in the previous day. In addition, Martinez observed that large amounts of Cardano (ADA) are being sold off by cryptocurrency whales.
Cardano (ADA) Whales Sell Off ADA
According to Martinez, Cardano (ADA) whales have sold or redistributed approximately 1.02 Billion ADA in the last week, amounting to around $265 Million. Cardano (ADA) is currently worth $0.25, down 0.1% in the last 24 hours.
Hot Take: Bitcoin (BTC) and Ethereum (ETH) Face Crucial Levels
The recent analysis by Ali Martinez outlines the importance of key price levels for Bitcoin (BTC) and Ethereum (ETH). Bitcoin’s probable positive trend scenario depends on remaining over $26,800, while Ethereum (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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