In our last analysis, we highlighted a number of bearish signals sent by the market. Do they coincide with the insights of other leading analysts? Let’s check it out!
Material Indicators again points to key areas
On Friday, April 28, @MI_Algos via his Twitter profile, once again shared some very valuable data.
In the graph posted by the analyst, we see the current layout of Bitcoin’s order book. It has cascading large selling areas. They are located successively at the levels of $30,000, $30,500 and $31,000.
Supports look different, which at the moment appear to be much weaker. Thus, we see a clear buying area located around $28,000. However, it does not impress with its liquidity, which means that it could be easy to overcome on possible declines.
It is worth mentioning that @MI_Algos published this information before the Core PCE report from the United States. However, the data, which is in line with analysts’ predictions, did not cause much volatility in the crypto market. Therefore, there is a reasonable probability that the order book will not change much over the weekend.
Cryptollica suggests looking at the Bitcoin chart from a further perspective
A rising Turkish star in the crypto market, namely the analyst more widely known as @Cryptollica, suggests that we look at the Bitcoin chart a little differently.
Thus, he shared a graphic, which he did not annotate with additional words. No wonder – the graph shown speaks for itself.
Where everyone sees horizontal resistance, @Cryptollica puts support, delineated by a trendline. He pointed to four areas of contact between Bitcoin and this line. According to the hypothesis, the resistance we are all currently paying attention to has not only been overcome, but even provides potential support for further dynamic upward movement.
We consider this thesis very bold, but nevertheless worthy of attention.
FLASH extremely bearish on Bitcoin
The above analysis works in clear contradiction to the scenario that @THEFLASHTRADING decided to share with us. His perception of the market shows not only that Bitcoin may currently be in a so-called “echo bubble,” but that it has not even reached the bottom of its valuation.
The scenario posted by the analyst indicates that BTC is just reaching its local peak, after which there will be a clear reversal of the trend.
We make no secret of the fact that we, too, note that Bitcoin is entitled to experience a strong correction at this point. However, can it be as deep as FLASH depicts? It’s certainly hard to judge at the moment.
In the meantime, if you are interested in our opinion on Bitcoin’s price action, we encourage you to read our analysis, titled “Has Bitcoin reached a local peak and further declines await it?”. A combination of two indicators says there is a high probability of this.