Bitcoin rally in sight when BTC flashes ‘Textbook’ bullish reversal pattern, according to top crypto strategist
A closely monitored crypto strategist who continues to build followers with timely Bitcoin (BTC) calls, says the leading digital resource can prepare for a significant increase.
Cryptoanalyst Kevin Svenson tells his 110,200 Twitter followers that he looks at Bitcoin’s indicator of moving average convergence (MACD) on the three-day chart, which suggests that BTC is likely to set up for a sustained bounce.
Traders rely on the MACD to detect either trend reversals or continuations.
“The Bitcoin three-day MACD cross is likely to continue to rise. The three-day light shuts off tonight. We will most likely confirm the cross soon.”
When it comes to Bitcoin’s short-term market structure, Svenson says that BTC shows a “textbook” Adam and Eva’s double bottom pattern.
#Bitcoin Adam & Eve are very clear.
Looks like it’s straight out of a textbook.
This is a bullish reversal pattern. pic.twitter.com/kdAnDOpZfV– Kevin Svenson (@KevinSvenson_) July 7, 2022
Looking at lower time frames, Svenson says that BTC can trade within a bullish pendulum pattern with support around $ 21,400.
“BTC tests the bottom of the formation. Need to hold this area to maintain structure.”
Although Svenson appears to be bullish on BTC, he is memories his supporters that Bitcoin is still in a long-term bear market.
“‘The trend is your friend until the end of the trend.’
The short-term trend is up with some momentum.
The long-term trend is downward. Deep in the bear’s territory
In the short to medium term, I play this bullish, but am wary of a macro lower high dump later. “
At the time of writing, Bitcoin is changing hands to $ 21,455.
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Disclaimer: Opinions expressed by The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock / MoVille
