Successful crypto strategist, a Bitcoin (BTC) made an evaluation on the signals created by the indicator at the bottom of the bear market in 2015 and 2018. The analyst reported that the signals were seen again. Here are the details.
Nicknamed analyst Dave the Wave, who accurately predicted the Bitcoin crash last year, noted that the MACD (Moving Average Convergence Deviation) indicator on the weekly chart is currently at record lows. MACD metrics are trend-setting indicators. The analyst is explain made:
“Weekly Bitcoin MACD is now at all-time lows [önceki ile eşit]. Let’s see if we can get a booster/white histogram next week…. or this formation.”
Dave the Wave also noted that it tracks the 200-week moving average, which marked BTC’s bottom during the 2015 and 2018 bear cycles. stated. The crypto strategy follows the 200-week moving average due to Bitcoin’s macro flattening principle.
“This macro flattening principle in price indicates that Bitcoin’s 200-week moving average will cross at some point and eventually become an average rather than a support.”
Koinfinans.com As we reported, Dave the Wave added that this principle is based on the idea that the increased market cap of BTC will lead to shallower corrections and reduced volatility.
On the other hand, although Bitcoin is currently down more than 70% from its all-time high of $69,000, Dave the Wave stated that the long-term outlook for BTC is still bullish. He pointed out the logarithmic growth curve model (LGC) as the reason for this:
“Reminder: Bitcoin has not broken through on the LGC basis since 2018. What breaks is a lot of expectation and sentiment, that’s what the pragmatic investor wants to see when buying.”
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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.