Convergence

Bitcoin

Reversal

Divergence

Famous anonymous cryptocurrency analyst Dave the Wave has stated that a crucial <a href="https://en.coin-turk.com/bitcoin-faces-downfall-despite-feds-pause-on-interest-hikes-whats-next/" data-wpel-link="internal">Bitcoin</a> (<a href="https://en.coin-turk.com/fed-chairman-powells-influence-on-cryptocurrencies-whats-coming-next/" data-wpel-link="internal">BTC</a>) metric indicates that the cryptocurrency with the largest market capitalization is officially on the recovery path, thus he expects an uptrend.&nbsp; 
<h2 style="text-align: justify" id="span-data-contrast-auto-analyst-s-eye-on-trend-reversal-indicator-macd-span-span-data-ccp-props-201341983-0-335551550-0-335551620-0-335559739-160-335559740-259-span">Analyst’s Eye on Trend Reversal Indicator MACD&nbsp;</h2> 
The anonymous cryptocurrency analyst, Dave the Wave, noted that Bitcoin’s monthly Moving Average Convergence Divergence (MACD) indicator is now signaling a long-term rise, stating:&nbsp; 
<blockquote> 
 If the MACD indicator on the monthly price chart marked the peak of the market at the end of 2021, a period when most people were still suffering from excessive bullishness, and this was confirmed with subsequent price movements, wouldn’t this add extra weight or validity to the metric indicating a recovery in price towards higher prices (although unconfirmed yet)? 
</blockquote> 
The MACD indicator that led the analyst to expect an upswing in Bitcoin is a momentum indicator that investors use to track potential trend reversals. Dave the Wave underlined that the MACD indicator has proven to be a highly consistent BTC trend indicator in the past.&nbsp; 
Dave the Wave, who made headlines by predicting that the biggest cryptocurrency would crash in May 2021 and has since been followed more closely, also added that there is a brief pause in Bitcoin’s weekly MACD following a strong rise.&nbsp; 
<img decoding="async" class="aligncenter wp-image-88401 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/07/btc-btc.png" alt="" width="1380" height="702" srcset="https://en.coin-turk.com/wp-content/uploads/2023/07/btc-btc.png 1380w, https://en.coin-turk.com/wp-content/uploads/2023/07/btc-btc-300x153.png 300w, https://en.coin-turk.com/wp-content/uploads/2023/07/btc-btc-768x391.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/07/btc-btc-1200x610.png 1200w" sizes="(max-width: 1380px) 100vw, 1380px"> 
<h2 style="text-align: justify" id="span-data-contrast-auto-bitcoin-s-current-status-span-span-data-ccp-props-201341983-0-335551550-0-335551620-0-335559739-160-335559740-259-span">Bitcoin’s Current Status&nbsp;</h2> 
At the time of writing, the largest cryptocurrency, Bitcoin, is trading at $30,462. Data shows that the BTC price has increased by 1.26% in the last 24 hours, 0.73% in the last 7 days, and 18.08% in the last 30 days. Moreover, since the first day of the year, the price has increased by over 87%.&nbsp; 
The closest support level for Bitcoin currently stands at $30,000, while the closest resistance level is at $31,000.&nbsp; 
The post <a rel="nofollow" href="https://en.coin-turk.com/prominent-analyst-dave-the-wave-foresees-a-bitcoin-uptrend/" data-wpel-link="internal">Prominent Analyst Dave the Wave Foresees a Bitcoin Uptrend&nbsp;</a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Prominent Analyst Dave the Wave Foresees a Bitcoin Uptrend

Table of Contents

COINTURK NEWS

Other articles published on Jul 6, 2023

FED’s Recent Stance on Interest Rates May Impact the Crypto Market

Litecoin (LTC) up 18%, Here Is Obvious Trigger

Surprise Altcoin PEPE 2.0 Continues Impressive Rise Amidst Bitcoin Struggle

SolSea Teams up With Coca-Cola for Serbian Music Festival

Here's Why 16% Jump of This PEPE Rival Should Not Be Trusted

Coinbase Discovers Lost Crypto Valued at $322K and Returns it to Unaware User

Join our free newsletter for daily crypto updates!