CoinDesk Report:
A top cryptocurrency analyst, known for predicting the Bitcoin crash in May 2021, has stated that an indicator is flashing bullish signals for BTC.
The anonymous trader, known as “Wave Dave,” told his 146,700 followers on social media platform Ten that Bitcoin’s weekly Moving Average Convergence Divergence (MACD) has “crossed back up and reset near the zero line,” which is a bullish signal.
MACD is a momentum indicator used by traders to observe potential trend reversals.
Source: Wave Dave
Wave Dave’s Notes
The monthly MACD has consistently signaled bull markets for Bitcoin throughout the years.
Source: Wave Dave
The analyst also suggested that the previous resistance level for Bitcoin, around $67,000, could turn into a support level.
Source: Wave Dave
However, the trading price of BTC is currently below the level at the time of writing, falling to $66,619. The top-ranked cryptocurrency has seen a nearly 2% decline in the past 24 hours.
Wave Dave recently informed his followers that the top meme asset, Dogecoin (DOGE), could be forming a bullish ascending triangle within the daily timeframe. If the asset breaks the key resistance level, the triangle pattern is considered bullish.
From his charts, the analyst seems to imply that DOGE is consolidating in a broader symmetrical triangle pattern and may soon break resistance, which could put the memecoin in the $0.20 range. He also seems to suggest that DOGE will rebound to its previous all-time high of around $0.73 in this cycle.
At the time of writing, DOGE is trading at $0.139.
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Image generated by: Midjourney
