Bitcoin Still In Buy Zone Amidst Market Correction – Should You Buy The Dip? Or Wait For More Drop?

The post Bitcoin Still In Buy Zone Amidst Market Correction – Should You Buy The Dip? Or Wait For More Drop? appeared first on Coinpedia Fintech News

The overall crypto market is under a bearish pull where the majority of the cryptocurrencies are trading below their crucial levels. Amidst such pump and dump a well-known crypto analyst and trader claims Bitcoin is still under the buy zone.

The analyst who is anonymously known as Dave the Wave was the one who had accurately predicted the Bitcoin crash in May 2021. Now, in his new strategy session informs his 126,600 followers over Twitter that the King currency is currently experiencing sideways trade within the buy zone.

#Bitcoin

Extended sideward range forming within the buy zone. Would like to see hled. pic.twitter.com/QlwEn3DYyo

— dave the wave (@davthewave) September 18, 2022

Indicators Flash Bitcoin Bull Run

The strategist talks about Bitcoin’s moving average convergence divergence (MACD) and says the monthly MACD for the King currency appears to be bullish. The MACD indicator is based on the trend pointing towards the relation between two moving averages. This is the indicator through which the trader knows about reversal.

#Bitcoin

The monthly MACD did wonders for predicting the top [loss of mometum/ blue arrow].

Histogram is now as over-extended as previously… and on a similar time-range.

Bullish [for optimal buying as opposed to buying the top]. pic.twitter.com/fqvHQZdlFu

— dave the wave (@davthewave) September 16, 2022

The strategist further asserts that the logarithmic growth curve (LGC) model is the one that is still posing as the last Bitcoin model standing. The logarithmic growth curve or LGC is the one indicator that helps us know the future price action of the currency. The analyst also says that this is the model that had Bitcoin’s price action in 2018.

Last #Bitcoin model standing.

The LGC curves [since 2018] pic.twitter.com/Y9vfj1tBx1

— dave the wave (@davthewave) September 19, 2022

At the time of writing, Bitcoin is selling at $19,185 after a surge of 0.73% over the last 24hrs and the currency is under a loss of more than 4% in the last seven days.