Trader Who Called Last Bitcoin Crash Issues New Warning As BTC Hovers at ‘Make or Break Level’

The trader who accurately called Bitcoin’s top just under $65,000 has issued another warning to BTC bulls as the world’s biggest crypto hovers around $50,000.

The pseudonymous trader known as Dave the Wave tells his 74,000 followers that Bitcoin is at a “make or break” point as it trades at a critical level where multiple technical resistances align.

“It doesn’t get much better than this – make it or break it time.”

Source: Dave the Wave/Twitter

The analyst’s chart shows BTC sitting at the very top of a rising wedge within a large descending channel, slowly rounding off and threatening to drop below $30,000 over the coming months. Dave the Wave says that to invalidate this thesis, Bitcoin would have to break through one critical resistance level.

“Price convincingly north of $51,000 – invalidated
Price down to the $46,000 area, further validated.”

The trader makes an observation regarding Bitcoin’s interaction with the Gaussian Channels, an indicator typically used to show long-term deviations from price. According to the crypto strategist, BTC already hitting the channels several weeks ago is a sign that it will continue to drop lower.

“Price has never come back to the Gaussian Channel [on the weekly] without then going on to go deep into that channel. Syncs with the LGC (logarithmic growth channel) nicely, and shows a picture of reducing macro volatility.”

Source: Dave the Wave/Twitter



Show More

Leave a Reply

Your email address will not be published. Required fields are marked *

Now reading
  • Avalanche (AVAX) Reclaims Support In Bullish Pattern — Will It Break Out?
  • XRP Needs to Break This Resistance to Set Eyes on New ATH
  • Reef Finance (REEF) and COTI Technical Analysis: What’s Next?

Adblock Detected