Bitcoin (BTC) May 2021 Collapse A popular crypto analyst says that BTC is still in the “buy zone”.
A pseudonymous trader known as Dave the Wave says His 126,600 Twitter followers are in an extended sideways range within bitcoin buying territory.
“Extended sideways range is forming within the buy zone. Would like to see held.”
The analyst also said Comment Bitcoin’s monthly moving average convergence divergence (MACD) looks bullish. MACD is a trend-based momentum indicator that depicts the relationship between two moving averages of an asset and is used by traders to identify trends.
“Monthly MACD has done wonders for predicting tops [loss of momentum/ blue arrow]. The histogram is now as over-extended as ever… and on the same time-frame. bullish [for optimal buying as opposed to buying the top]”
Dave the Wave arguing His Logarithmic Growth Curve (LGC) model is “the last Bitcoin model standing.” The analyst said the model predicted the price range of BTC since 2018.
Bitcoin is trading at $18,924 at the time of writing. The top crypto asset by market cap is down 0.3% over the past 24 hours and over 5% over the past seven days. That’s down more than 72% from its all-time high of $69,000, which it hit last November.
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