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Bitcoin

Analyst Who Called May 2021 Bitcoin Collapse Says Historically Accurate Indicator Suggests BTC in New Phase

A well-liked crypto analyst identified for calling the Bitcoin (BTC) May 2021 collapse says a traditionally correct indicator has flipped bullish.

Pseudonymous analyst Dave the Wave tells his 125,600 Twitter followers that Bitcoin’s weekly transferring common convergence divergence (MACD) has crossed under its “zero-line.”

Previous MACD crosses under that line in 2012, 2015 and 2019 preceded large bullish price strikes, in line with a chart shared by the analyst.

Source: DavetheWave/Twitter

The MACD is a trend-based momentum indicator that depicts the connection between two transferring averages of an asset and is utilized by merchants to pinpoint reversals.

Bitcoin’s MACD cross under the zero-line additionally occurred in accordance with BTC being in an oversold place, just like what happened in 2019, in line with Dave the Wave.

Image
Source: DavetheWave/Twitter

BTC is buying and selling at $22,364 at time of writing. The top-ranked crypto asset by market cap is up practically 3% in the previous 24 hours and greater than 13% in the previous seven days. Bitcoin stays down greater than 67% from its all-time excessive of greater than $69,000, which it hit final November.

Dave the Wave additionally says he’s trying on the MACD on the month-to-month chart, which he notes is flashing a bullish sign as nicely.

“Though the month has not closed yet, a very good chance that we’ll also see the first contracting histogram on the Bitcoin monthly chart. Previously, after the first one, the histograms continued to strengthen… Bullish.”

Source: DavetheWave/Twitter

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Featured Image: Shutterstock/ohenze/jaroslava V

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