Crypto Trader Issues Bitcoin Warning, Says Ethereum Liquid Staking Project Flashing Short-Term Bullish Signal
A popular crypto trader says a liquid staking service for the Ethereum (ETH) blockchain is flashing a short-term bullish signal.
The analyst Ali Martinez tells his 60,600 followers on the social media platform X that the Tom DeMark (TD) Sequential indicator recently presented buy signal on Lido DAO’s (LDO) 3-day chart.
“If LDO can hold above $1.85, we could see it rebound toward $3!”
Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles.
LDO is trading at $2.05 at time of writing. The 63rd-ranked crypto asset by market cap is up 2.5% in the past week.
Martinez also updates his outlook on Bitcoin (BTC), noting that the top crypto asset presented two sell signals on the 12-hour chart.
“A death cross between the 50 and 100 SMA (simple moving average) and a red 9 candlestick from the TD Sequential.
If BTC falls below $63,300, brace for possible dives to $61,000 or even $59,000.”
A death cross occurs when the 50-day moving average crosses below the 200-day moving average, a sign that the asset could enter a more pronounced bear phase.
Bitcoin is trading at $64,676 at time of writing. The top-ranked crypto asset by market cap is up nearly 2% in the past week.
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