Crypto Analyst Who Predicted May 2021 Bitcoin Collapse Says Plenty of Upward Pressure Building for BTC
The crypto strategist who nailed Bitcoin’s crash final yr says BTC bulls are beginning to achieve the higher hand regardless of the king crypto’s relative underperformance over the previous few weeks.
Pseudonymous analyst Dave the Wave tells his 123,600 Twitter followers that Bitcoin is gearing as much as take out a key resistance space within the weekly chart.
“Loads of upward strain constructing at a degree of resistance… Bullish”
Wanting on the analyst’s chart, it seems that Dave the Wave is anticipating BTC to take out resistance round $24,400, which can be the 0.5 Fibonacci degree.
At time of writing, BTC is buying and selling for $24,000, flat on the day.
The crypto strategist additionally highlights that the shifting common convergence divergence (MACD), a pattern reversal indicator, is coiling up and bouncing from a historic help degree.
“Hiya, and there’s the bullish weekly MACD cross… from an oversold place.”
The final time the MACD bounced from the identical space was in 2019 when BTC bottomed at round $3,000 earlier than rallying to $14,000.
In keeping with Dave the Wave, the break of resistance at $24,400 might set off a powerful rally to above $30,000 for BTC.
“Wouldn’t be shocked to see some FOMO shopping for kick in sooner or later. Typically occurs when a key degree of resistance is damaged.”
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