December 8, 2022

A popular crypto analyst known as the Bitcoin (BTC) crash of May 2021 says BTC is still in the “buy zone” despite the faltering market.

The pseudonymous trader known as Dave the Wave Tells Of his 126,600 Twitter followers, Bitcoin is in an extended sideways range within the buying territory.

“An extended sideways range is forming inside the buying zone. I would like to see a contract.”

Source: davthewave / Twitter

Analyst too Notes Bitcoin’s Monthly Moving Average Convergence Convergence (MACD) looks bullish. MACD is a trend-based momentum indicator that depicts the relationship between two moving averages of an asset and is used by traders to identify reversals.

“MACD has done wonders for predicting the top [loss of momentum/ blue arrow]. The histogram is now over-extended as it was before…and on a similar timescale. rising [for optimal buying as opposed to buying the top]. “

Source: davthewave / Twitter

dave the wave Argues Its logarithmic growth curve (LGC) model is the “last standing bitcoin model”. The analyst says that the model predicted the price range for BTC since 2018.

Source: davthewave / Twitter

Bitcoin is trading at $18,924 at the time of writing. The top-rated crypto asset by market capitalization is down 0.3% in the past 24 hours and more than 5% in the past seven days. It is also still down more than 72% from its all-time high of more than $69,000, which it hit last November.

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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their due diligence before making any high-risk investments in bitcoin, cryptocurrencies, or digital assets. Please be aware that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrency or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

Featured image: Shutterstock/Roman3dArt/Andy Chebus

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