Crypto Analyst Expects Bitcoin Bounce, Monthly MACD Signals Bottom
Members of the crypto community, analysts, investors, and traders alike are all consumed with analyzing charts, both current and historic, hoping to find early signals that the bottom of Bitcoin’s now longest ever bear market is in.
One particular prominent chartist and trader, believes that Bitcoin is due for a powerful bounce soon, and further suggest that the monthly MACD has started to signal that the bottom of the 2018-2019 bear market may be in, if patterns witnessed in previous bull-bear cycles are repeated.
At the low, Bitcoin bounced off the 200-day moving average, but general weakness by bulls have caused the price of the number 1 crypto by market cap to drift back toward the critical support indicator.
Prominent crypto trader and chartist Dave the Wave is expecting a major bounce the closer Bitcoin gets to the 200MA, and points to the 2014-2015 bear market’s multiple bounces off the widely used trading indicator.
Dave the wave February 6, 2019.Monthly MACD Could Indicate Bitcoin Bottom Is In. By looking closely at the past, oftentimes patterns can be discovered that can help traders to better anticipate upcoming movements.
Tony Spilotro’s original article for newsbtc.com reduced by 66%
Related story: Little Relief In Sight As Bitcoin Price Closes At 7.5-Week Low
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