Analyst Warns of Bitcoin Monday Dump After Sunday Gain
Multiple Sunday to Monday reversals and new TD Sequential sell signals on Bitcoin, Ethereum and Solana are signs of caution, according to him.
Five Sundays, Five Reversals
The market watcher shared a table covering five Sunday-Monday pairs between August 29 and September 28, and every pair flipped direction. For example, Sunday gains of 0.50% on August 29 and 0.66% on September 6 were followed by Monday losses of 0.68% and 1.54%. Sunday dips of 0.57% on September 13 and 0.10% on September 20 were followed by Monday gains of 1.75% and 6.71%. On September 27, BTC finished up 0.01% and slid 1.12% on Monday.
One thing though, five weeks may feel like a thin sample, and that last Sunday gain was close to flat.
A second warning comes from the TD Sequential indicator, a technical tool that attempts to identify points where an existing price move may be losing strength. Martinez noted that Bitcoin’s four-hour chart had flashed a sell signal, with each of the previous four comparable signals followed by a correction. Earlier examples he shared showed declines of 1.74%, 4.37%, 3.11% and 1.96%.
Ethereum and Solana have also produced similar signals. The last two comparable Ethereum readings preceded declines of 5.40% and 3.31%, while Solana’s previous three were followed by corrections of 2.44%, 5.76% and 5.30%.
Bitcoin Sits Higher Across Most Recent Timeframes
The price of BTC moved above $87,000 after an unexpectedly weak US jobs report on Friday before falling below $84,000, with Lacie Zhang of Bitget Wallet research saying that $87,500 is the critical resistance level, while the support level is in the range of $82,000 to $85,000.
At the time of writing, CoinGecko data put the OG cryptocurrency a couple of hundred bucks above $86,000, up about 1.5% in 24 hours and nearly 4% in the last seven days. The two-week and 30-day gains were almost 6% and over 8%, although the price was still down roughly 31% on the year and about the same distance below its all-time high of over $126,000.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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