The crypto trader who correctly predicted the May 2021 drop of the Bitcoin price now says that BTC has entered the “buy zone”.
The trader, known by the alias Dave the Wave, told his 114,700 followers that Bitcoin entered the buy zone on Monday, nearly two years later. The analyst believes that the $25,000 level is a “reasonable point” for BTC purchases to start layering. told.
“One thing to consider in macro charts is where not only the weekly but also the monthly chart closes. From a macro perspective, a short wick may go unnoticed. As for purchases, they should start layering at a reasonable point. 25k was that point [bence]… price now [neredeyse] 2 years later in the purchasing area with a long history…”
Bitcoin is trading at $21,288 at the time of writing. The top-ranked crypto-asset by market cap has lost more than 24% since Sunday, when it traded around $28,000. At the same time, it fell more than 68% from its all-time high of $69,044, which it reached in early November last year. Dave the Wave added that BTC dominance charts could be a reversal signal.
“Is BTC dominance signaling a reversal?”
The analyst also notes that Bitcoin’s monthly and weekly MACD (Moving Average Convergence Deviation) metrics align.
“Consistent with the monthly MACD base price aligning with the bottom price, the weekly MACD is now also aligned… At least there is something here that just suggests objective technical analysis as opposed to sentiment.”
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.