The crypto strategist who nailed the Bitcoin crash last year says BTC bulls are starting to take over despite the cryptocurrency king’s relative underperformance in recent weeks.
Pseudonymous analyst Dave the Wave tells his 123,600 Twitter followers that Bitcoin is gearing up to eliminate a key resistance area on the weekly chart.
“A lot of upward pressure building up to a resistance level … bullish”
Looking at the analyst’s chart, it appears that Dave the Wave expects BTC to eliminate a resistance around $ 24,400, which is also the 0.5 Fibonacci level.
At the time of writing, BTC is trading at $ 24,000, flat for the day.
The crypto strategist also points out that the moving average convergence divergence (MACD), a trend reversal indicator, is wrapping up and bouncing off a historical support level.
“Hi, and there is the bullish weekly MACD cross … from an oversold position.”
The last time the MACD bounced off the same area was in 2019, when BTC hit a low of around $ 3,000 before climbing to $ 14,000.
According to Dave the Wave, the break of the resistance at $ 24,400 could trigger a strong rally above $ 30,000 per BTC.
“I wouldn’t be surprised to see some FOMO signings come into play at some point. It often happens when a key resistance level is broken. ”
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