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Crypto Analyst: Bitcoin MACD Being Overextended is Bullish, But Consolidation is Due

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2 mins read
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Bitcoin has once again become the subject of water cooler talk at banks and brokers once again, following a massive price surge at the beginning of April, that saw the value of the leading crypto by market cap rise by over $1,000 over the course of an hour.

The powerful move created a higher high on the charts, and caused some technical analysis indicators to flip bullish for the first time in over a year. Another indicator, the MACD, is showing that Bitcoin buying is currently overextended. A prominent crypto analyst known for his long-term analysis using the MACD, says the indicator being overextended is bullish, but does suggest that consolidation is “due.”

Long-Term Trend Change Indicator Is Bullish, But Suggests “Consolidation” is “Due”

According to crypto analyst Dave the Wave, who often shares long-term log scale charts of Bitcoin price fluctuations dating back to before the 2014-2015 bull run, the MACD or Moving Average Convergence Divergence indicator is reading as overextended. The trader calls this a bullish sign, signaling that buyers are out in full force.

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The good news is an over-extended MACD is bullish. That said, when it is this over-extended it's due a consolidation. pic.twitter.com/et1VsOQKW8

— dave the wave (@davthewave) May 1, 2019

As Dave the Wave shows on his MACD chart’s histogram, each time the MACD became overextended, a period of price consolidation soon followed. The crypto analyst expects similar behavior to occur in Bitcoin markets in the coming days to weeks.

Related Reading | Weekly MACD Histogram Most Bullish It’s Been Since Bitcoin Price Was Over $13K

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In the past, the long-term crypto chartist has used the MACD – a long-term indicator used to spot important trend changes – to help him determine if the bear market bottom for Bitcoin was in. According to his past analysis, he concludes the bottom is indeed behind us and that the recent higher high on Bitcoin price charts confirms this as such.

Using a logarithmic growth curve, Dave the Wave has demonstrated how Bitcoin’s market cap could eventually surpass that of Gold’s, with an over $7.7 trillion dollar market cap. For comparison’s sake, Bitcoin’s market cap is currently at just under $100 billion.

Most crypto investors view Bitcoin as a long-term investment that could pay handsomely, with the majority of them believing that some day the price per BTC could reach $100,000 or even “millions” of dollars each.

Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term

Bitcoin had recently surged in price as much as 25% over the past month, closing its monthly candle above resistance turned support. The crypto market is at a critical point, and whichever way it turns next could determine the trend for the months to come.

Should Bitcoin break and close above powerful resistance at $6,000, the market may enter a new bull market and the days bears controlled the price of Bitcoin will have come to an end.

Featured image from Shutterstock
Tags: bitcoinbitcoin pricecryptoDave the WaveMACD
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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