A eager crypto strategist says one Bitcoin (BTC) indicator is flashing the identical indicators that marked the 2015 and 2018 bear market bottoms.
Dave the Wave, the pseudonymous analyst who precisely predicted Bitcoin’s crash final 12 months, tells his 119,400 Twitter followers the transferring common convergence divergence (MACD) indicator on the weekly chart is at the moment hovering at document lows.
Merchants use the MACD to identify potential pattern reversals.
“Weekly Bitcoin MACD now at all-time lows [equal to previous]. Let’s see if we are able to get a strengthening/white histogram subsequent week…. or this.”
Dave the Wave additionally says he’s keeping track of the 200-week transferring common, which has marked the underside for BTC throughout the 2015 and 2018 bear cycles. In keeping with the crypto strategist, he now sees Bitcoin monitoring the 200-week transferring common as a result of precept of macro flattening.
“This precept of a macro flattening within the worth additionally means that the Bitcoin 200-week transferring common can be crossed sooner or later, finally changing into extra of a imply than a help. Discover how excessive it’s within the channel.”
Dave the Wave says micro flattening relies on the concept BTC’s growing market cap will result in shallower corrections and diminished volatility, suggesting that giant belongings are much less unstable as a result of quantity of capital required to make an affect percentage-wise.
Though Bitcoin is at the moment down over 70% from its all-time excessive of $69,000, Dave the Wave says BTC’s long-term outlook remains to be bullish primarily based on his logarithmic development curve mannequin (LGC).
“Reminder: Bitcoin ain’t damaged on the idea of the LGC since 2018. What’s damaged is the too nice an expectation and sentiment, which is what the pragmatic investor desires to see when shopping for.”
At time of writing, Bitcoin is buying and selling for $20,235, up over 5% on the day.
Test Worth Motion
Do not Miss a Beat – Subscribe to get crypto e mail alerts delivered on to your inbox
Comply with us on Twitter, Facebook and Telegram
Surf The Each day Hodl Combine
 
 
Disclaimer: Opinions expressed at The Each day Hodl aren’t funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any loses it’s possible you’ll incur are your duty. The Each day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please observe that The Each day Hodl participates in internet online affiliate marketing.
Featured Picture: Shutterstock/Animedigitalart/Boombastic
