Two crypto analysts who failed to predict Bitcoin price in April
These two cryptoanalysts made inaccurate predictions for the crypto market in April, especially related to the Bitcoin (BTC) price.
Predicting the direction of the cryptocurrency market is challenging due to its significant fluctuations and occasional lack of correlation with broader economic trends.
These two analysts made predictions about the crypto market in April that turned out to be false.
Crypto Capo and “Caprilltulation”
Notoriously bearish cryptoanalyst @CryptoCapo suggested that the April monthly candlestick will be the largest bearish candlestick in history, and when $12,000 range.
The bearish analyst elaborated further trade ideawhen asked if he was trolling, by saying:
“Not really. That’s what I really believe, but with a touch of humor. What makes people optimistic and confident is the price action, but they don’t stop to think beyond that.”
Needless to say, the BTC price did not reach this area. In fact, the monthly candlestick was bullish, albeit by a very small amount.
However, it is worth mentioning that the price did not break out of the long-term resistance area of $31,000 (red icon). So, despite the bullish industry, the price action opens up the possibility that a local top has been reached.
The Relative Strength Index (RSI) highlights the trend’s indecision.
Using the RSI as a momentum indicator, traders can determine whether a market is overbought or oversold and decide whether to accumulate or sell an asset.
If the RSI reading is above 50 and the trend is up, bulls have an advantage, but if the reading is below 50, the opposite is true. The current reading of 50 is a sign of an indeterminate trend.
In the monthly timeframe, the next resistance is at $46,000, while the closest support area is at $23,000.
TheMoonCarl’s failed inverted head and shoulders
Renowned cryptanalyst @TheMoonCarl tweeted a chart of an inverse head and shoulders pattern in the Bitcoin price chart with a goal of $40,000. The pattern was extremely unusual, with a steep, upward sloping neckline.
Bitcoin price did not break out of it. Rather, a decline followed after the RSI generated a bearish divergence. This is a type of event where a momentum increase does not support the price increase.
Afterwards, the Bitcoin price made a lower high (red icon).
If the decline continues, the nearest support area will be $23,250, created by the 0.5 Fib retracement support level (black). Fibonacci retracement levels operate on the principle that after a significant price change in one direction, the price will retrace or retrace to a previous price level partially before continuing in its original direction.
On the other hand, moving above the previous high of $31,000 would indicate that the trend is bullish, leading to a possible rise towards $40,000.
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Disclaimer
In line with Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, objective reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.
