The trader who cited the collapse of crypto markets in May 2021 says now is not the time to be overly risk averse on Bitcoin (BTC).
Pseudonymous trader and analyst Dave the Wave tells are 138,500 Twitter followers that to be cautious now when prices are low is more a game of sentiment than an informed decision based on the charts.
“Reminder: it is best to be careful at the top… and less so at the bottom…
Being too careful on the downside would be counterproductive…. and you would be thinking counter-intuitively. Too cautious a story would only be a game of sentiment…. just as the overly optimistic story was at the top.
This is where contrariness makes some sense, which goes against sentiment… and the bulk of a major [following].
Ask yourself this – are the ones who are being too careful right now [that you’re listening to] too optimistic at the top?”
Dave the Wave also shares Ethereum’s (ETH) chart implying that the leading smart contract protocol is in the later stages of a rising triangle, a generally bullish pattern that suggests a possible trend reversal if price crosses the horizontal resistance of the pattern at about $2,300. .
Last month, the analyst said strong support levels were between $26,000 and $22,000 for Bitcoin.
According to Dave the Wave, BTC is silent respecting the support levels despite the recent market downturn.
“BTC price meeting support at one and two…so far.”
At the time of writing, Bitcoin is trading at $26,501, while Ethereum is trading at $1,724.
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