In recent market development, renowned cryptocurrency analyst Ali Martinez has increase concerns about the possibility of an imminent Bitcoin (BTC) price correction. According to Martinez, the TD Sequential indicator, a popular tool among traders for identifying price trends, has shown a sell signal on the 12-hour BTC chart.
In recent market development, renowned cryptocurrency analyst Ali Martinez has increase concerns about the possibility of an imminent Bitcoin (BTC) price correction. According to Martinez, the TD Sequential indicator, a popular tool among traders for identifying price trends, has shown a sell signal on the 12-hour BTC chart.
This could be an important signal for short-term traders, as historical data from early February shows that every time this indicator suggests a sell, the price of Bitcoin has seen a drop ranging between 1.6% and 3.5%. Furthermore, the graph shared by Martínez highlights the repetitive nature of this trend.
Each time the TD Sequential indicator marked a “9” or a “13,” suggesting overbought conditions and potential for a price pullback, subsequent price action saw a notable drop. This pattern has been consistent in the recent past, lending credibility to the opinion of cryptanalysts. bitcoin prediction.
Bitcoin price remains bullish
The timing of this prediction is crucial as the current price of Bitcoin it’s found to $71,806, which represents an increase of 2.74% in the last 24 hours. Notably, Bitcoin had recently reached a new all-time high (ATH) of $72,214 before retracing slightly to its current levels. Despite this bullish momentum, the TD Sequential indicator’s sell signal suggests that traders should exercise caution and closely monitor their positions.
Adding to the market vitality, Bitcoin’s 24-hour trading volume has increased by 78.70%, currently standing at $51.87 billion. This significant increase in trading activity indicates increased interest and movement in the cryptocurrency market, making the timing of the sell signal even more pertinent for both investors and traders.
While recent price movements and volume increases indicate strong market interest, the TD Sequential indicator sell signal could predict an upcoming correction. Short-term traders, in particular, should consider this information when planning their trading strategies, keeping an eye out for potential declines that follow the pattern identified by Ali Martínez. As always, in the volatile world of cryptocurrencies, caution and due diligence remain paramount.
