A closely followed crypto analyst is issuing a warning, saying Bitcoin (BTC) just sent a signal that suggests a selloff could be imminent.
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.
Martinez says,
“Bitcoin: The TD Sequential shows sell signals on the weekly and three-day BTC charts!” Remember: the last time TD showed buy signals on both time frames was in early September, sparking the recent bull market.”
Source: Ali Martinez/X
Looking at the activity of Bitcoin miners, Martinez says that the investor cohort has taken advantage of the recent rally to dump thousands of BTC.
“Since Bitcoin rose above $34,000 in late October, BTC miners have been selling.
Since then, over 5,000 BTC worth approximately $175 million have been dumped.”
Source: Ali Martinez/X
At the time of writing, Bitcoin is trading at $37,026.
As for Ethereum (ETH), Martinez notes that the coin’s recent rally began without inflows from deep-pocketed investors.
“Ethereum has reclaimed the $2,000 threshold, and interestingly, this is all happening before whales have even started buying.”
Source: Ali Martinez/X
At the time of writing, Ethereum is trading at $2,042.
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Generated image: Midjourney
Originally posted 2023-11-12 22:46:11.