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A crypto strategist who correctly called the May 2021 Bitcoin (BTC) crash says an indicator suggests the crypto king may have already witnessed the worst of the bear market.
Pseudonymous analyst Dave the Wave tells his 131,700 Twitter followers that BTC’s monthly histogram continues to respect a support level that marked the bottom of the bear markets of 2015 and 2018.
Traders use the histogram to spot momentum shifts and potential price reversals.
Said Dave the Wave,
“The worst is over if the monthly BTC histogram is anything to go by. Technical analysis corrects sentiment, which swings wildly with depression at the bottom to match euphoria at the top.
Source: Dave the wave/Twitter
The analyst is also keeping tabs on Bitcoin’s Moving Average Convergence Divergence (MACD), a momentum indicator that could potentially hint at a trend reversal. According to Dave the Wave, BTC’s weekly MACD remains above a support level that also signaled the end of the bear markets of 2015 and 2018.
“Despite the recent selloff, the weekly MACD still remains crossed above its signal line. Technically a good sign.
Source: Dave the wave/Twitter
In the short term, the analyst predicts a Bitcoin rally towards $19,000 after the crypto king broke through its immediate resistance at $17,300.
” Noise… “
Source: Dave the wave/Twitter
At the time of writing, BTC is changing hands for $17,796, an increase of 3.42% on the day.
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