Crypto Analyst: Bitcoin Price (BTC) Still In Bull Trend According to MACD, Accumulate During Correction

To call the current bear market a simple correction is quite a bold statement and one that would be met with counterpoints from numerous scorn crypto investors who bought in at the top of the recent Bitcoin (BTC) bubble. However, according to one crypto analyst, Bitcoinis still in a ongoing bull market and that the leading crypto by market cap is in nothing more than a correction, and that investors should accumulate at current prices.

The analyst also supplies his rationale behind the hypothesis, which is based heavily on the monthly Moving Average Convergence Divergence oscillator (MACD) a trend-following momentum indicator thats used by traders to signal important trend changes.


Crypto Analyst: What Bear Market? Bitcoins in a Secular Bull Market

Popular cryptocurrency analyst Dave the Wave has been heavily focusing his analysis on the Monthly MACD. His previous analysis suggested that the monthly MACD was signaling the bottom of the current bear market, and even correctly called Bitcoins recent bounce off the 200-week moving average yet another indicator traders use to predict price fluctuations in various assets.

Related Reading |Crypto Analyst Expects Multi-Year Bear Market, Current Bitcoin (BTC) Range Isnt Accumulation

In his most recent charts, the analyst again is looking to the monthly MACD to gain invaluable insight into where we are in the current bear market, to determine when a bottom is in, and when Bitcoin price may rally to new highs once again.

The analysts take on the monthly MACD is that is has never even reached bear territory, by falling below the center line of the chart. During the 2014 to 2015 BTC bear market, the monthly MACD only briefly dipped below the center line and immediately bounced upward, forming a V-shaped bottom on the chart.

While this could also signal that the current downtrend still has much more room to fall into bearish territory, Dave the Wave believes that while the momentum itself is bearish on the monthly, the MACD is still in bull territory and that BTC is simply in a correction.

Crypto Analyst: Bitcoins Bearish Correction Could Be Turning Back to Bull

He further suggests that the monthly MACDs histogram could possibly turn around and if it does, it that could very well signify the end of the correction Bitcoin is currently experiencing. Dave the Wave further explains that the lagging indicator is like a massive supertanker and once the momentum turns, theres no stopping it, its all one way.

Related Reading |Crypto Analyst Expects Strong Bitcoin Bounce, Monthly MACD Signals Bottom

When pressed by his Twitter followers on what his interpretation of the analysis means, he discouraged shorting this correction, and says that investors want to be accumulating for when the correction ends and the bullish trend were currently in resumes.

Of course, he could be wrong about the monthly MACD, and the bearish momentum could drag Bitcoin price down further. Either way, the monthly MACD should be a valuable tool for any traders hoping to profit off of the trend.

The post Crypto Analyst: Bitcoin Price (BTC) Still In Bull Trend According to MACD, Accumulate During Correction appeared first on NewsBTC.

21.02.2019 / 17:05 104
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