At the turn of the month, analysts were quick to check Bitcoin’s charts, checking if any of their indicators signaled that bears remained in control of the cryptocurrency market. Unfortunately for bulls, indicators did.<\/p>\n
Per previous reports from NewsBTC<\/a>, November’s monthly candle close resulted in the Moving Average Convergence Divergence (MACD<\/a>) \u2014 which is a \u201ctrend-following momentum indicator that shows the relationship between two moving averages of a security\u2019s price\u201d \u2014 crossing bearish for the first time since May of 2018, prior to \u00a0Bitcoin\u2019s extended bearish move from the $10,000s to the $3,000.<\/p>\n https:\/\/twitter.com\/ByzGeneral\/status\/41955584<\/p>\n Despite this, a prominent trader is not worried, claiming that the nature of the MACD suggests that a bottom is near, meaning that more downside, while not impossible, is limited at best.<\/p>\n Dave the Wave \u2014 a prominent pseudonymous trader that called the Bitcoin decline to the $6,000s over four months ago, when BTC was trading in the $10,000s \u2014 recently published a TradingView post<\/a> about the bearish MACD reading on Bitcoin’s monthly chart, asserting that investors shouldn’t be worried about the crossover that just took place.<\/p>\n BTC Monthly MACD – Worried? You Shouldn't Be – #BLX<\/a> TradingView https:\/\/t.co\/ibZ3PMOc3P<\/a><\/p>\n — dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) December 29, 2019<\/a><\/p><\/blockquote>\nRelated Reading:\u00a0Why a Fund Manager Thinks Bitcoin Will Rally 25% to $9,000 In One Month<\/a><\/h6>\n
Don’t Worry About the One-Month MACD Reading for Bitcoin<\/strong><\/h2>\n
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