news.bitcointalk.com
16 May 2022 06:29, UTC.
Reading time: ~2 m
Cryptotrader with the nickname Dave the Wave, who correctly predicted last May’s bitcoin crash and the double-top pattern at $69,000, thinks the bottom has almost been reached
According to him, bitcoin will trade near its 48-month moving average. This is where BTC historically usually bottoms:
“The bottom may have to wait another month, but that’s in case the rate retests the lows during May.”
In October 2021, when the BTC rate crossed the $60,000 mark, the trader predicted that a double-top pattern would eventually form around $65,000, but then begin to fall and form a double bottom near the lows in the $29,000 area:
“Then that was my first mention of a double top. If there was a double top, why can’t there be a double bottom?”
Dave the Wave also noted that the weekly MACD indicator (marks the direction of the trend) signals that bitcoin is ready to form a bottom:
“Comparing the weekly MACD pattern on bitcoin looks promising.”
#Trader #called #timing #reaching #bottom #BTC
