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Concerns have returned to crypto markets after technical analysts warned that Bitcoin’s price could suddenly decline at the start of the week, following the market’s recent rally. In his technical analysis published on October 4, prominent analyst Ali Martinez explained that the price movements of Bitcoin and other major cryptocurrencies showed warning signs, calling for caution about a rapid correction.
Weekly Trading Pattern: Five Consecutive Weeks of Price Reversals
Analyst Ali Martinez noted that Bitcoin’s price movements on Sundays had regularly reversed direction by Monday in recent weeks: every upward move was followed by a decline, and vice versa. Analysis identified five consecutive periods between August 29 and September 28 that showed this recurring pattern:
A 0.50% rise on Sunday, August 29, was followed by a 0.68% drop on Monday.
A 0.66% gain on Sunday, September 6, was followed by a 1.54% decline on Monday.
A 0.57% drop on Sunday, September 13, was followed by a strong rebound on Monday, with gains of 1.75%.
A 0.10% decline on Sunday, September 20, was followed by a notable 6.71% rise on Monday.
Bitcoin was nearly unchanged on Sunday, September 27, with a slight gain of 0.01%, before falling 1.12% on Monday.
TD Sequential Indicator Issues Sell Signals for Major Cryptocurrencies
The concerning indicators were not limited to weekly trading patterns. The four-hour TD Sequential technical indicator also issued a clear sell signal on Bitcoin’s chart. Historical data shows that the indicator’s previous four signals were followed by declines ranging from 1.74% to 4.37%.
These negative signals also extended to major altcoins, with analysts spotting similar sell signals:
The Ethereum network showed bearish technical signals that had previously preceded declines of 5.40% and 3.31%.
Solana showed similar signals that had historically led to price corrections ranging from 2.44% to 5.76%.
A Look at Support and Resistance Levels for the Leading Crypto Asset
The world’s largest cryptocurrency saw sharp moves following the release of U.S. jobs data, surging above $87,000 before retreating below $84,000. In this context, researcher Lacie Zhang of Bitget Wallet said that $87,500 is a key resistance level, while major support lies in the $82,000–$85,000 price range.
CoinGecko data showed Bitcoin holding slightly above $86,000, up nearly 4% over the week and 8% over the month, while remaining well below its all-time high of more than $126,000.$AAPL.US
