- A sell signal indicating a trend reversal has appeared on Bitcoin’s three-day chart, according to the analysis.
- Ali Martinez said this was the first major bearish sign of the year.
- He added that if Bitcoin fails to hold $67,500 during a further decline, a ‘bearish countdown‘ could begin and widen the correction.
Forecast Trend Report by Period
A corrective signal has emerged on Bitcoin’s chart, crypto analyst Ali Martinez wrote.
In a post on X on May 2, Martinez said a sell signal pointing to a trend reversal had appeared on Bitcoin’s three-day chart. He described it as the first major bearish sign of the year.
If Bitcoin fails to hold the $67,500 level during a further downturn, a “bearish countdown” could begin and the correction could deepen, he added.
As of 9:30 p.m. on May 2, Bitcoin traded at $78,212, up 0.18% from a day earlier.