Veteran Trader: April Will Be Crucial for Bitcoin as One Indicator Reaches Inflection Point
A popular crypto trader thinks April will be a crucial month for Bitcoin’s price momentum.
The pseudonymous analyst Dave the Wave tells his 96,200 Twitter followers that Bitcoin’s monthly and weekly moving average convergence divergence (MACD) metrics are moving downward.
MACD metrics are trend-identifying indicators. Explains the analyst,
“Long-term monthly chart reasserting itself; current candle turning red and MACD continuing down.
This will be a crucial month [in my opinion] — can price stay green, and can the histogram/momentum strengthen?”
Bitcoin is trading at $43,296.63 at time of writing.
The top-ranked crypto asset by market cap is down more than 8% in the past week and 4.41% in the past 24 hours.
The analyst notes that BTC’s price is right at horizontal support “with momentum rolling over.”
The analyst has also updated his chart mapping out his predictions for Bitcoin’s “road to $500,000.”
Updated updated stairway to heaven…#BTC pic.twitter.com/xsAWIFvbUb
— dave the wave
(@davthewave) April 4, 2022
Says Dave the Wave,
“This represents in visual form the phenomenon of diminishing returns [lesser height, more time].
As far as ‘multi-year cycles’ go, I think they are becoming redundant in an increasingly liquid/mature market. Better to think of diminishing ‘cycles’ as opposed to lengthening ones.”
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Author: Daily Hodl Staff
