The cryptocurrency strategist who allowed Bitcoin to crash last year says BTC bulls are beginning to gain the upper hand despite the relatively weak performance of the King’s cryptocurrency over the past few weeks.
Analyst Dave the Wave tells his 123,600 Twitter followers that Bitcoin is preparing to break out a major resistance area on the weekly chart.
“A lot of upside pressure is gathering at a resistance level…bullish”
Looking at the analyst’s chart, it appears that Dave the Wave is expecting BTC to break out resistance around $24,400, which is also the 0.5 Fibonacci level.
At the time of writing, BTC is trading at $24,000, flat per day.
The cryptocurrency strategist also highlights that the Moving Average Convergence Divergence (MACD), a trend reversal indicator, is deviating from the historical support level.
“Hello, there is a bullish weekly MACD crossover… from an oversold position.”
The last time the MACD bounced out of the same area was in 2019 when BTC fell to around $3,000 before climbing to $14,000.
According to Dave the Wave, a break of the $24,400 resistance could lead to a strong rally above $30,000 for BTC.
“I wouldn’t be surprised to see some FOMO buying start at some point. It mostly happens when a key resistance level is broken.”
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