Crypto Analyst Dave The Wave: Bitcoin Bear Case Looks Invalidated
According to a prominent cryptocurrency analyst and trader, known as Dave the Wave, it seems that the bearish case for Bitcoin (BTC) falling down to $25,000 is invalidated.
The analyst shared with his 93,700 Twitter followers that BTC has broken its downward channel.
“Time to retire this thread covering the downward channel of the past 2 months. Ideal target of 25K looking less likely/ invalidated. In weighted terms, got 70% of the way there from the top, once again falling a fib level short.”
Time to retire this thread covering the downward channel of the past 2 months. Ideal target of 25K looking less likely/ invalidated.
In weighted terms, got 70% of the way there from the top, once again falling a fib level short.
However, the analyst warns that even if that channel is invalidated, it’s still possible that prices could drop.
According to Dave the Wave Bitcoin could end up in a “wide choppy range.” Replying to a question on BTC’s weekly moving average convergence divergence (MACD), he points out that Bitcoin’s monthly and weekly metrics are displaying mixed signals. MACD metrics are trend-identifying indicators.
“Weekly MACD strengthening after re-setting to the zero-line.
Monthly MACD still consolidating toward the zero-line.
= the likelihood of sideway ranging and some further consolidation.”
Weekly MACD strengthening after re-setting to the zero-line.
Monthly MACD still consolidating toward the zero-line.
= the likelihood of sideway ranging and some further consolidation.
