According to widely followed crypto analyst known as TechDev, Bitcoin (BTC) traders should trust the charts and ignore ongoing geopolitical tensions.
TechDev shared with his 363.1K followers on Twitter that geopolitical and macroeconomic factors are not looking good, he’s going against the mainstream, as the charts tell a different story.
“Good morning.
I get it. Geopol and macro doesn’t look good. Doom is popular.
The crowd is certain ‘It’s over.’
Contrarians are ‘living under rocks.’
You’re angry, emotional, toxic.
The charts tell me we’re going a lot higher.
I think we are, especially because you don’t.”
Good morning.
I get it. Geopol and macro doesn’t look good. Doom is popular.
The analyst refers to multiple indicators flashing an incoming rally for BTC.
For example, relative strength index (RSI) – a momentum indicator, dormancy flow – which depicts the activity of old coins, and the stablecoin supply ratio (SSR) which compares the market cap of stablecoins to BTC, are all looking very good at the moment.
These technical indicators indicate that Bitcoin is likely at the tail end of a year-long corrective period, according to the analyst:
“Why Bitcoin has not impulsed since early 2021:
+ Wave symmetry + Declining volume + Tops at blue with price below since + Corrective RSI + Dormancy Flow down + near bottom + SSR Oscillator down + near bottom
+ Wave symmetry + Declining volume + Tops at blue with price below since + Corrective RSI + Dormancy Flow down + near bottom + SSR Oscillator down + near bottom
TechDev looks into the Stablecoin Supply Ratio Oscillator (SSR), and notes that its current level strongly points that Bitcoin has bottomed out and is ready to move up.
“This Bitcoin cycle’s impulses and corrections visualized by the Stablecoin Supply Ratio Oscillator.
Ready for the next wave.”
This #Bitcoin cycle's impulses and corrections visualized by the Stablecoin Supply Ratio Oscillator.
