Trader Spots Bitcoin Flashing Signal That Precedes Bear Markets, Updates Outlook on One Ethereum Competitor

Cryptocurrency analyst and trader Ali Martinez says that one indicator is signaling a bearish outlook for Bitcoin (BTC).

Martinez tells his 153,900 followers on X that the Chande Momentum Oscillator (CMO), an indicator used in technical analysis to measure the strength of a trend, dipped last month to a level that is typically associated with a bear market.

“Bitcoin CMO above 20 has signaled bull markets, and below 20 has marked bear markets.

August’s close just pushed it back below 20.”

Source: Ali Martinez/X

Bitcoin is trading at $110,911 at time of writing.

The analyst further says that the market value to realized value (MVRV) pricing bands of Bitcoin, which are used to identify potential resistance and support levels, are signaling that the crypto king could drop drastically if it fails to climb above a key price area.

“MVRV Pricing Bands show that as long as Bitcoin BTC stays below $114,250, key support sits at $92,600.”

Source: Ali Martinez/X

Next up is Cardano (ADA). Martinez says the 11th-largest crypto asset by market cap is forming a falling wedge pattern, a pattern that can signal a potential reversal of a downtrend in technical analysis. According to Martinez, Cardano could go up by a little over 10% from the current level and hit a price of $0.94.

Source: Ali Martinez/X

Cardano is trading at $0.83 at time of writing.

Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Trader Spots Bitcoin Flashing Signal That Precedes Bear Markets, Updates Outlook on One Ethereum Competitor appeared first on The Daily Hodl.

Tällä sivulla näytettävä sisältö on kolmansien osapuolten tarjoamaa. Ellei toisin mainita, OKX ei ole lainatun artikkelin / lainattujen artikkelien kirjoittaja, eikä OKX väitä olevansa materiaalin tekijänoikeuksien haltija. Sisältö on tarkoitettu vain tiedoksi, eikä se edusta OKX:n näkemyksiä. Sitä ei ole tarkoitettu minkäänlaiseksi suositukseksi, eikä sitä tule pitää sijoitusneuvontana tai kehotuksena ostaa tai myydä digitaalisia varoja. Siltä osin kuin yhteenvetojen tai muiden tietojen tuottamiseen käytetään generatiivista tekoälyä, tällainen tekoälyn tuottama sisältö voi olla epätarkkaa tai epäjohdonmukaista. Lue aiheesta lisätietoa linkitetystä artikkelista. OKX ei ole vastuussa kolmansien osapuolten sivustojen sisällöstä. Digitaalisten varojen, kuten vakaakolikoiden ja NFT:iden, omistukseen liittyy suuri riski, ja niiden arvo voi vaihdella merkittävästi. Sinun tulee huolellisesti harkita, sopiiko digitaalisten varojen treidaus tai omistus sinulle taloudellisessa tilanteessasi.