A prominent trader’s recent analysis suggests a looming bearish reversal for Bitcoin, as indicated by a critical technical indicator. Josh Olszewicz, a well-known trader, highlighted a concerning pattern in a recent post on Sunday, April 14. Olszewicz pointed out a noteworthy development on the 1D Bitcoin chart, featuring five distinct lines, including the “conversion line” (Tenkan) and the “base line” (Kijun).
Should Bitcoin’s price dip below the Kijun line, it signals a potential shift towards bearish territory. Olszewicz emphasized the significance of Bitcoin tapping the Kijun line for the first time since its early June breakout, suggesting a possible bearish reversal despite the potential for recovery. As of the latest update, Bitcoin is valued at $64,328, according to CoinMarketCap.
Meanwhile, Shiba Inu‘s layer-2 solution, Shibarium, has experienced a remarkable surge in key metrics, signaling a notable shift in the dynamics of the Shiba Inu network. Data from Shibariumscan website reveals a substantial increase in daily transactions, soaring from 288,690 to 419,520, with a corresponding uptick in active accounts.
The number of active accounts spiked to 14,321, marking a significant 218.33% increase, while new accounts surged by an impressive 173% to 9,439. This surge in activity has fostered optimism within the Shiba Inu community.
In a separate development, anonymous whales were observed engaging in significant Dogecoin transactions amidst a 19.4% price downturn. According to Whale Alert data, Robinhood witnessed the withdrawal of several hundred million Dogecoin on Saturday, April 13, coinciding with the substantial price drop. Notably, three large transactions, totaling 324 million Dogecoin, were reported, with the majority being withdrawn from Robinhood. These transactions, valued at $49.9 million in fiat currency at the time, have sparked speculation that anonymous whales may be capitalizing on the market dip for long-term storage or sale.
