A popular crypto analyst says that the worst appears to be over for Bitcoin (BTC) as the risk appetite for the flagship cryptocurrency is back.
In a new strategy session, the host of InvestAnswers tells his 443,000 subscribers that Bitcoin’s price pattern shows that the asset is on a bullish uptrend.
“Bitcoin keeps printing higher lows and higher highs. In that little range chart that I see there, we had our little bottom but 50 days ago since then, it’s just been oscillating upwards, ranging zigzags. It’s almost picture perfect and the question is where do we go from next?
I don’t know but it looks like many depths are being bought up. Hence, we have this pattern and this is typically a very, very bullish pattern, of course, until It breaks.”
The analyst then shows a chart from crypto trader Washigorira that he says indicates Bitcoin has already hit the bottom.
“I really like this chart and basically it construes that the historical bottom is in – based on three key things.
First of all, Bitcoin’s price tested its 200-week moving average and the red line. It is the CCT BBO and when that is below the zero level, it’s typically a good thing. The CCT BBO is the Cedar Creek Trading Bollinger band oscillator and it was developed by Steve Karnish and it fits pretty well here with Bitcoin.
Third, the red line crossed over the green dots. That is Washigorira’s little magic signs there, but again another example of how things are looking pretty confident.
It looks pretty clear that the bottom is in as we go forward for Bitcoin, so those of you waiting for $12,000, as I said last week, don’t hold your breath.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Nuth Vanglath/Rustic