Pseudonymous cryptocurrency analyst Dave the Wave believes that Bitcoin BTC/USD is entering a new bullish chapter.
On Friday, the analyst tweeted that if he were a “betting man,” he would take note of Bitcoin’s weekly moving average convergence divergence (MACD).
Dave the Wave also suggested another way to look at Bitcoin’s price performance is to price it in gold rather than in U.S. dollars. He said that, over 20 years, BTC could reach the same market cap of gold, which would imply a 22x price increase.
At the time of writing, Bitcoin was trading at $27,813, 2% down in the last seven days.
Another pseudonymous trader, Cantering Clark, said that Bitcoin looks bullish after absorbing a sell-off last Friday. He explained that BTC bulls have the upper hand as long as Bitcoin trades above support at $27,000.
“So we failed to break out of the inside day setup, and instead, it looks like we accumulated a bit of panic selling below. Coin margined OI (open interest) is up, probably due to hedging, and some long stablecoin margined OI is down, part of the flush. I grabbed a long as long as yesterday’s lows hold,” he tweeted on Friday.
Image: Shutterstock
Image and article originally from www.benzinga.com. Read the original article here.