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.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
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 losses 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.
Generated Image: Midjourney
