Renowned cryptocurrency expert Ali Martinez has expressed worries about the possibility of an impending Bitcoin (BTC) price correction in light of recent market developments. Martinez claims that on the 12-hour BTC chart, the TD Sequential indicator—a well-liked instrument among traders for spotting price trends—has flashed a sell signal.
Given that historical data from early February indicates that every time this indicator has advised a sell, the price of Bitcoin has dropped by 1.6% to 3.5%, this might be a significant signal for short-term traders. Martinez also included a graphic that highlights how recurring this pattern is.
https://x.com/ali_charts/status/1767141133367288185?s=20
The price action that followed each time the TD Sequential indicator displayed a “9” or “13,” indicating overbought circumstances and the possibility of a price fall, was much lower. The recent consistency of this trend lends support to the crypto analyst’s forecast regarding Bitcoin.
Bitcoin price remains bullish
The timing of this forecast is critical since Bitcoin is currently trading at $71,806, up 2.74% from the previous day. Notably, Bitcoin just retreated somewhat to its current levels after reaching a new all-time high (ATH) of $72,214. The sell signal from the TD Sequential indicator advises traders to proceed cautiously and keep a careful eye on their positions despite this strong trend.
Bitcoin’s 24-hour trading volume has increased by 78.70% to $51.87 billion, contributing to the market’s vigour. The timing of the sell signal is even more important for traders and investors alike because of the notable rise in trading activity, which suggests increased interest and movement on the bitcoin market.
The sell signal on the TD Sequential indicator may portend an impending correction, even though the recent price moves and volume spikes show high market activity. When preparing their trading strategies, short-term traders in particular should take this information into account and be on the lookout for any possible dips that correspond with Ali Martinez’s pattern. As usual, use cautious and do your research before investing in the unpredictable world of cryptocurrencies.
