Bitcoin is trying to defend a key support – Here’s how experts view the current situation

Bitcoin is trying to defend a key support - Here's how experts view the current situation

USD 26,500 is the level on which most market analysts are currently focusing their attention. At this exact moment Bitcoin is trying to hold this area and protect itself from further correction. Will it succeed? Let’s see how opinions break down among chart analysis leaders. 

Trader JO sees manipulation

Back on Thursday, May 11, an analyst known as @jobtcfx, using FireCharts, posted the following graphic on Twitter.

The data shared in it from @MI_Algos clearly shows that the support at $25,700 has completely disappeared. It has decreased in value and moved to the level of $25,400. From the words of Trader JO, one can infer that it was artificial and intended to create the impression of local demand.

Nevertheless, the very next day, the analyst admitted that although declines are possible, “still in the category of price range correction, the overall upward trend has not yet broken down.”

It’s hard not to admit he was right in such a situation!

Cryptollica sets key supports

@Cryptollica is an analyst who specializes in evaluating price action on long time intervals. Thus, he perfectly catches areas where Bitcoin is overvalued as well as undervalued.

This time he also reached out to the one-day chart, posting the following on Twitter:

He points out the support at around $25,400, as well as the EMA200, which is present slightly lower. This one, in turn, is oscillating around $24,500 and could be critical support. However, as @Cryptollica mentions, according to the RSI, there is little room left for declines. 

According to CryptoBullet, fate can sometimes be ironic

The analyst known as @CryptoBullet1 notes an interesting correlation between this year’s chart and the events of 2021. As he points out, Bitcoin’s local peak was set on the same day as two years ago, and the chart structure remains remarkably similar.

The comparison is loose in nature, and therefore should not necessarily be given any particular significance. It also seems unlikely that the declines as deep as those recorded at the time. Nevertheless, the observed phenomenon is particularly interesting.

Nico takes a look at the UCTS signals

 For the analyst known as @CryptoNTez, the key support was the $27,000 level. Its loss opened the way for declines, even to levels near $24,000. In his analysis, he writes that the UCTS signal once again did an excellent job of indicating the level at which to consider opening a short position. 

Meanwhile, we also encourage you to read our author’s analysis, in which, based on indicators as well as a variety of time intervals, we discuss Bitcoin’s current price action. You can find it here:

“Bitcoin is stagnating, which historically foreshadows volatility. Could another strong move be coming?”.

Picture of Łukasz


Market Analyst

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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