A popular analyst who correctly predicted the May 2021 Bitcoin (BTC) crash evaluated the current state of BTC and thinks its chart looks optimistic.
The analyst, known by the alias Dave the Wave, told his 121,500 Twitter followers that Bitcoin’s weekly MACD (moving average convergence divergence) indicator signaled a strong bottom. told.
“There has been a change in the weekly MACD. Just coincidence or technical analysis?”
Koinfinans.com As we have reported, traders use the MACD indicator to detect possible trend reversals. Looking at the trader’s chart, Bitcoin’s weekly MACD appears to be rising at a level that marks the bottom of the 2015 and 2018 bear markets.
Alongside an improving MACD, Dave the Wave added that he is optimistic about the asset’s price chart as Bitcoin is currently moving in a long-term support area.
“Why should we trust this Bitcoin chart? Instead of constantly projecting a hyper-bullish look on the chart… realism and continuity…. The graphic looks good.”
Looking at the daily chart, the crypto analyst noted that BTC is facing a double diagonal resistance.
“Right now, I think there is a short-term resistance that isn’t too much resistance. More important to me is the long-term second line of resistance.”
BTC is trading at $20.912 at the time of writing. The top-ranked crypto asset by market cap has lost more than 4% in the past 24 hours. Bitcoin is also roughly 70% behind the all-time high it reached last November.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.