The dealer who referred to as the Might 2021 collapse within the crypto markets says that now will not be the second to be excessively risk-averse on Bitcoin (BTC).
Pseudonymous dealer and analyst Dave the Wave tells his 138,500 Twitter followers that to be cautious proper now when costs are low is extra of a play on sentiment quite than an knowledgeable resolution primarily based on the charts.
“Reminder: greatest to be cautious on the high… and fewer so on the backside…
To be too cautious on the backside can be counter-productive…. and also you’d suppose counter-intuitive. An over-cautious narrative would simply be a play on sentiment…. simply because the over-optimistic narrative was on the high.
That is the place contrarianism makes some sense, which runs counter to sentiment… and the mass of a big [following].
Ask your self this – are these which can be over-cautious now [that you’re listening to] over-optimistic on the high?”
Dave the Wave additionally shares Ethereum’s (ETH) chart, implying that the main sensible contract protocol is throughout the later phases of an ascending triangle, a typically bullish sample that means a possible pattern reversal if the value takes out the sample’s horizontal resistance at round $2,300.
Final month, the analyst mentioned that sturdy help ranges have been sitting between the $26,000 and $22,000 ranges for Bitcoin.
In line with Dave the Wave, BTC continues to be respecting the help ranges regardless of the latest market downturn.
“BTC worth assembly help at one and two… to this point.”
At time of writing, Bitcoin is buying and selling at $26,501, whereas Ethereum is priced at $1,724.
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