Crypto analyst and CIO of Adaptive Capital, Murad Mahmudov, says crypto traders are misinterpreting Bitcoin’s first weekly “bearish cross” since February.
The bearish cross happens when the moving average convergence divergence (MACD) histogram that is used to identify trend changes crosses below zero. According to Mahmudov, the cross actually indicated that BTC hit a local bottom “every single time” during Bitcoin’s last bull cycle.
“People out here be talking about the Weekly MACD ‘bear cross’ like its some kind of a doom verdict.
Ironically it marked the local bottom every single time during the last bull cycle. I repeat for the last time. This is a BULL market.”
Mahmudov says he thinks Bitcoin won’t dip below $9,080, and predicts Bitcoin will move sideways for another month before steadily moving upwards. A fervent supporter of Bitcoin, Mahmudov tells people on the sidelines to acknowledge the paradigm shift.
“Don’t fight a once-in-a-millenium, civilization-changing phenomenon to try to snag a potential 8% off of a local short. Don’t fight the trend. Submit to it. Embrace it.”
Right now, Bitcoin is up 2.77% at $10,338 according to COIN360. Ethereum is up 0.85% at $186.92, XRP is up 0.07% at $0.2689 and Litecoin is up 3.35% at $73.84.
NewsBTC analyst Aayush Jindal says Bitcoin needs to break resistance at $10,500 to start a new uptrend.
“On the upside, the price must settle above $10,500 to gain bullish momentum. In the mentioned case, the next stop for the bulls could be $10,700 and $10,800.
However, if the price accelerates above $10,500, it could aim to test the $11,000 level.”
Here’s a look at the latest analysis from across the cryptoverse.
Bitcoin
NewsBTC – Bitcoin price flirts with key resistance after recent rally
Bitcoinist – Bitcoin bulls accumulating at $10,000
Ethereum
FXStreet – ETH/USD recovers from Sunday’s lows, upside momentum fades away
XRP
NewsBTC – XRP hesitates but further recovery seems likely
Litecoin
FX Empire – Move through $75 would bring the second major resistance level into play
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