Top Trader Says Bitcoin Now in Promising Position for Long-Term Rally, Updates Outlook on Ethereum-Based Altcoin
A dealer who precisely referred to as Bitcoin’s (BTC) Could 2021 crash believes that the crypto king is now ready to ignite a recent uptrend.
Pseudonymous analyst Dave the Wave tells his 140,700 followers on the social media platform X that Bitcoin’s weekly shifting common convergence divergence (MACD) indicator simply flipped bullish on the zero degree, indicating that BTC could also be gathering steam.
The MACD is a momentum indicator that may sign the reversal of an asset’s development.
Says Dave the Wave,
“Weekly BTC MACD re-crossing from a promising place low on the zero-line.
A much less risky value motion as in comparison with final time.”
Dave the Wave additionally says that Bitcoin will seemingly transfer above the 200-month shifting common (MWA) and rally above the “purchase zone” of his logarithmic progress curve (LGC) mannequin.
The LGC goals to plot the highs and lows of Bitcoin’s long-term market cycles whereas filtering out short-term volatility and noise.
Says the dealer,
“Prediction going ahead: the 200 MWA will stay within the BTC LGC purchase zone [though of course price will not].”
At time of writing, BTC is value $34,600.
The dealer can also be keeping track of the worth motion of the decentralized oracle Chainlink (LINK). Dave the Wave notes that LINK seems to be bullish after breaching a number of diagonal resistances and breaking out of its accumulation zone.
“Bear in mind of us, the secret is alternative, which comes with volatility.
You possibly can obsess all you want advert nauseam over an summary fact, or take into consideration truly take actual revenue in the actual world.”
The dealer additionally says that it’s inside the realm of risk for LINK to revisit its all-time excessive of $52.70.
At time of writing, LINK is value $10.43.
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