A popular crypto analyst known for researching the collapse of Bitcoin (BTC) naming in May 2021 says BTC is still in the “buy zone” despite the stuttering market.
The pseudonymous trader known as Dave the Wave tells his 126,600 Twitter followers that Bitcoin is in an extended sideways range within the buy zone.
“An extended sideways range forms within the buy zone. Would like to see held.”
The analyst also notes that Bitcoin’s monthly moving average convergence divergence (MACD) looks bullish. The MACD is a trend-based momentum indicator that plots the relationship between two moving averages of an asset and is used by traders to locate reversals.
“The monthly MACD has done wonders to predict the top [loss of momentum/ blue arrow]. The histogram is now as stretched as before… and in a similar time range. bullish [for optimal buying as opposed to buying the top].”
Dave der Wave argues that his logarithmic growth curve (LGC) model is the “last bitcoin model standing.” The analyst says the model has predicted BTC’s price range since 2018.
Bitcoin is trading at $18,924 at the time of writing. that after market capitalization The top-rated crypto asset is down 0.3% in the last 24 hours and more than 5% in the last seven days. It also remains more than 72% below its all-time high of more than $69,000 which it reached last November.
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Source: Crypto News Deutsch