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SOL Analysts warn: Bitcoin may face a correction on Monday after its rebound on Sunday
Bitcoin's strong rebound on Sunday brought a familiar pattern back into market view. Analyst Ali Martinez issued a warning on October 4, pointing out that BTC (Bitcoin) may undergo a correction on Monday. According to his analysis, the multiple reversals from Sunday to Monday, as well as the TD Sequential sell signals on Bitcoin, Ethereum and Solana, are signs that need to be treated with caution.
Five Sundays, five reverses
Martinez pointed out that in the past month, Bitcoin's movements on Sundays tend to reverse on Monday. Normally, a rise on Sunday triggers a subsequent correction, while a fall on Sunday brings a rebound. Given that BTC rose more than 1% on October 4, the analyst believes this model is once again in the spotlight.
The market observer shared a data table covering five "Sundays to Monday" trading pairs from August 29 to September 28, and the results showed that the direction of each trading pair has reversed. For example:
- rose 0.50% on Sunday, August 29, and then fell 0.68% on Monday;
- rose 0.66% on Sunday, September 6, and then fell 1.54% on Monday;
- fell 0.57% on Sunday, September 13, and then rose 1.75% on Monday;
- It fell 0.10% on Sunday, September 20, and then rose sharply by 6.71% on Monday.
In addition, on September 27, BTC rose slightly by 0.01% on Sunday, but fell by 1.12% on Monday. However, it should be noted that the five-week data sample may be a little thin, and the latest Sunday's increase was almost flat.
Technical indicators warn
The second warning comes from the TD Sequential indicator, a technical tool that attempts to identify the possibility of weakening existing price momentum. Martinez noticed that Bitcoin's four-hour chart had given a sell signal, and that four previous similar signals had been followed by corrections. Early cases he shared showed that the subsequent declines of these signals were 1.74%, 4.37%, 3.11%, and 1.96%, respectively.
Ethereum and Solana also sent similar signals. After Ethereum's first two similar readings, there were declines of 5.40% and 3.31% respectively; while Solana's first three similar signals, there were pullbacks of 2.44%, 5.76% and 5.30% respectively.
Bitcoin remains high in most recent time frames
After Friday's unexpected weakness in U.S. employment data, BTC prices briefly exceeded US$87,000 before falling back below US$84,000. Lacie Zhang of Bitget Wallet Research said $87,500 is the key resistance level, while support is in the $82,000 to $85,000 range.
As of press time, CoinGecko data showed that Bitcoin prices were just above $86,000, up about 1.5% in 24 hours and nearly 4% in the past seven days. Although the two-week and thirty-day increases were close to 6% and more than 8% respectively, prices have still fallen by about 31% compared to the beginning of the year, and are still far from reaching an all-time high of more than $126,000.
