A top crypto analyst known for predicting the May 2021 Bitcoin collapse says one indicator is flashing a bull market signal for BTC.
The pseudonymous trader known as Dave the Wave tells his 146,700 followers on the social media platform X that BTC’s weekly moving average convergence divergence (MACD) “re-crossed and re-booted near the zero-line,” a bullish signal.
The MACD is a momentum indicator that traders use to watch possible trend reversals.
Dave the Wave also notes that the monthly MACD has consistently flashed bull market signals for Bitcoin over multi-year patterns.
The analyst also suggested Bitcoin’s previous resistance around $67,000 could be shifting to support.
BTC, however, is trading below that at time of writing, dropping to $66,619. The top-ranked crypto asset by market cap is down nearly 2% in the past 24 hours.
Dave the Wave also recently told his followers that top meme asset Dogecoin (DOGE) could be forming a bullish ascending triangle on the daily timeframe. A triangle pattern is considered bullish if the asset clears a key resistance level.
Looking at his chart, the analyst appeared to suggest that DOGE is consolidating in a broader symmetrical triangle pattern and may soon break through resistance that could put the memecoin in the $0.20 range. He also appeared to suggest that DOGE will rally close to its all-time high of $0.73 during this cycle.
DOGE is trading at $0.139 at time of writing.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: Midjourney
Read the full article here
