A widely followed crypto analyst says there is a bullish signal for Bitcoin (BTC) after a decline this month.
Crypto trader Ali Martinez tells his 30,400 followers on social media platform
“Bitcoin: The TD (Tom DeMark) Sequential presented a buy signal on BTC’s three-day chart. A sustained close above $26,800 could pave the way for a rise towards $28,000. However, a BTC dip below $25,300 would negate this bullish scenario.”
The Tom DeMark (TD) Sequential indicator tracks a series of price points to indicate possible trend reversals. Based on TD Sequential principles, a count of 13 indicates a pause in the current trend, a pullback, or a reversal. A reversal point is indicated when nine consecutive candles close lower than the candles of four periods earlier.
Bitcoin is trading at $25,862 at the time of writing, up 0.3% in the past 24 hours.
The trader too noticed that thousands of BTCs have been sent to crypto exchanges, which could indicate that Bitcoin sales will increase.
“Bitcoin: About 5,000 BTC were sent to crypto exchanges in the last 24 hours, worth about $128.5 million.”
Then the trader warns that the smart contract platform Ethereum (ETH) could suffer a serious market correction if it fails to hold a key price level. He bases his risk assessment on the number of ETH holders making a profit or loss at certain price levels.
“Ethereum below $1,680 is a cause for concern as it could pave the way for a significant ETH correction to $1,200.”
Ethereum is trading at $1,628 at the time of writing, down 0.1% in the past 24 hours.
The trader too noticed that crypto whales are selling huge amounts of ETH rival Cardano (ADA).
“Cardano Whales sold or redistributed approximately 1.02 billion ADA last week, worth approximately $265 million.”
Cardano is trading at $0.25 at the time of writing, down 0.1% in the last 24 hours.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on Tweet, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney