The analyst who called the May 2021 Bitcoin (BTC) collapse and the double top pattern at $69,000 now thinks BTC’s chart looks optimistic.
Pseudonymous analyst Dave the Wave tells his 121,500 Twitter followers that Bitcoin’s weekly moving average convergence divergence (MACD) indicator is flashing a strong bottom signal.
“The worm has turned on the weekly MACD. Just coincidence… or technical analysis?”
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Traders use the MACD to spot possible trend reversals. Looking at the trader’s chart, Bitcoin’s weekly MACD appears to be rising at a level that has marked the bottom of the 2015 and 2018 bear markets.
On top of a recovering MACD, Dave the Wave also says he’s optimistic about Bitcoin’s price chart as BTC is currently hovering at an