A closely watched crypto analyst is issuing a warning, saying Bitcoin (BTC) has just issued a signal suggesting a sell-off may be underway.
Crypto strategist Ali Martinez warns that Bitcoin’s Tom Demark (TD) Sequential indicator points to a possible corrective move.
The TD Sequential indicator tracks a series of price points to indicate possible trend reversals.
says Martinez,
“Bitcoin: The TD Sequential Flashes Sell Signals on BTC’s Weekly and Three-Day Charts! Remember, the last time TD showed buy signals on either time frame was in early September, which was the start of the recent bull run.”
Looking at the activities of Bitcoin miners, Martinez says the investor cohort has used the recent rally to offload thousands of BTC.
“Since Bitcoin rose above $34,000 in late October, BTC miners have been selling.
Since then, more than 5,000 BTC, worth approximately $175 million, have been removed from the market.”
At the time of writing, Bitcoin is trading at $37,026.
As for Ethereum (ETH), Martinez notes that the coin’s recent rally started without an influx from deep-pocketed investors.
“Ethereum has reclaimed the $2,000 threshold, and intriguingly, this is all happening before whales have even started buying.”
At the time of writing, Ethereum is trading at $2,042.
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Generated image: Midjourney