A crypto trader who accurately called Bitcoin’s May 2021 meltdown is now saying BTC has entered his “buy zone.”
Pseudonymous trader Dave the Wave tells his 114,700 followers Bitcoin entered his buy zone on Monday after nearly two years above it.
The analyst says he believes $25,000 was a “reasonable point” to start layering in BTC buys.
“Also of consideration for macro charts is where not only the weekly but also the monthly chart closes. From the macro perspective, it’s fair to discount a brief wick.
As for buys, they should start to be layered in at a reasonable point. 25K was that point [in my opinion]…
Price now back in the long-standing buy zone after [nearly] 2 years…”
Bitcoin is trading for $21,836 at time of writing. The top-ranked crypto asset by market cap is down more than 22% since Sunday when it was trading at around $28,000. It is also down more than 68% from its all-time high of $69,044, which it hit in early November of last year.
Dave the Wave says BTC dominance charts could be signaling a turnaround.
“BTC dom signaling a turn-around?”
The analyst also notes Bitcoin’s monthly and weekly moving average convergence divergence (MACD) metrics are lining up.
“Consistent with the monthly MACD bottoming lining up with the price bottoms, the weekly MACD now also lines up…
At least you have something here that is objective technical analysis as opposed to just sentiment.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/KDdesignphoto
