Bitcoin and Chainlink are experiencing significant market movements in the dynamic cryptocurrency sphere. According to trader and on-chain analyst Ali Martinez, Bitcoin whales have begun selling substantial amounts of their holdings. This sell-off occurred as Bitcoin reached a new 2023 high of around $38,000. Martinez reported that approximately 60,000 BTC, valued at roughly $2.22 billion, were sold or redistributed over the past week.
#Bitcoin whales have been booking profits, selling
— Ali (@ali_charts) November 13, 2023
or redistributing around 60,000 $BTC over the past week, worth roughly $2.22 billion. pic.twitter.com/xmzHGXs5gu
Moreover, Martinez shared his insights on Bitcoin’s near future. Despite the general excitement as Bitcoin neared $40,000, he advised caution. His analysis suggests that following the crowd in trading often leads to pitfalls. Martinez intends to maintain his Bitcoin position until 2025.
However, he is considering a short position in the futures market. His decision stems from the TD Sequential indicator presenting a sell signal on Bitcoin’s weekly chart. This signal appears as Bitcoin approaches a key resistance area between $38,500 and $42,000. Martinez anticipates a potential correction towards $33,000, where he plans to buy the dip before an expected uptrend resumes. He noted that a weekly candlestick above $42,500 would invalidate this prediction. At press time, BTC was priced at $36,614.39.
#Bitcoin is nearing $40,000, and the crowd couldn't be more excited. But one important rule in trading is that you cannot follow the herd.
— Ali (@ali_charts) November 9, 2023
Although I'm not touching my spot $BTC position until some time in 2025, I'm inclined to enter a short in the futures market.
Want to… pic.twitter.com/dHZbHeKe6Y
Additionally, Martinez’s analysis extends to Chainlink (LINK). He predicted a correction for LINK based on sell signals on its daily, three-day, and weekly charts. The expected retracement could reach as low as $12.50. If Chainlink fails to hold above this crucial support area, it could decline to around $10.50.
The various timeframes on the Chainlink charts corroborate this outlook. The daily chart shows a strong uptrend with a recent pullback from $18.25. The 30-day and weekly charts also indicate an ongoing rise, with recent highs aligning with the daily chart’s findings. The latest Coinmarketcap data shows that LINK trades at $14.67.
Consequently, these insights from a seasoned analyst like Martinez are invaluable for traders and investors in the cryptocurrency space. The movements of Bitcoin and Chainlink highlight the volatile and ever-changing nature of the crypto market.
Investors must stay informed and cautious, considering expert analyses like Martinez’s to navigate these turbulent waters successfully. Significantly, these market shifts underscore the importance of staying ahead in the fast-paced world of cryptocurrency trading.
