RATE Group | Analysts Prepare for Bitcoin Price Pump As Technical Signals Strength
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Analysts Prepare for Bitcoin Price Pump As Technical Signals Strength

26 Dec Analysts Prepare for Bitcoin Price Pump As Technical Signals Strength

Posted at 22:02h in Bitcoin News by

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Since Bitcoin (BTC) bounced cleanly off the macro $6,400 support earlier this month, analysts have been wondering if the pain is over for the cryptocurrency market.

According to a number of analysts, the pain is over, or at least nearly over.

Prominent trader Dave the Wave, who called the recent move to the mid-$6,000s months ago, remarked that the one-day Bitcoin chart has printed a series of bullish divergences with the Moving Average Convergence Divergence (MACD), a trend-following indicator used by many technical analysts. These divergences suggest strength is on the horizon for BTC.

This isn’t the only bullish divergence that has recently been observed by prominent traders.

Scott “The Wolf of All Streets” Melker, BTC’s performance last week has created a very important signal on the weekly chart: a “massive bullish divergence in…

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