Crypto Analyst Dave the Wave said Bitcoin is set for a significant pullback.
The trader, known as Dave the Wave on social media, told his 32,000 followers on Twitter that Bitcoin (BTC) was losing its bullish power. The trader noted that as BTC struggled to convince the cross resistance that has kept the market in a downward trend since 2018, the bull has lost its violence.
"Tends to turn red"
Dave argued that the Gauss canal historically indicates the formation of a base. Assets often build a solid base when buyers are willing to step up and lay the groundwork for the next leg. The analyst used the following statements:
“Gauss tends to turn red a year after the peak. It also supports the idea of ??lengthening the cycles ... "
The crypto strategist also noted that the Gauss channel tends to lose momentum about 12 months after the peak of the previous cycle.