A closely-watched crypto strategist who continues to grow his following with timely Bitcoin (BTC) calls says the leading digital asset might be gearing up for a major rally.
Crypto analyst Kevin Svenson tells his 110,200 Twitter followers that he’s looking at Bitcoin’s Moving Average Convergence Divergence (MACD) indicator on the 3-day chart, which suggests BTC is likely gearing up for a sustained rebound. .
Traders rely on the MACD to spot trend reversals or continuations.
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“Bitcoin’s three-day MACD crossover will likely lead to further upside. The three-day candle closes tonight. We will most likely confirm the cross soon.
When it comes to Bitcoin’s short-term market structure, Svenson says that BTC is displaying a “manual” Adam and Eve double bottom pattern.
#Bitcoins Adam & Eve is 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
As for the shorter time frames, Svenson says that BTC might be trading in a bullish pennant pattern with support around $21,400.
“BTC is testing the bottom of the formation. Must hold this area to maintain the structure.
Although Svenson seems bullish on BTC, he remember its proponents that Bitcoin is still in a long-term bear market.
“’The trend is your friend until the trend ends.’
The short-term trend is up with some momentum.
The long-term trend is down. Deep in bear territory
In the short to medium term, I’m playing this bullish game, but I’m cautious regarding a macro dump lower later.
At the time of writing, Bitcoin is changing hands at $21,455.
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Image en vedette : Shutterstock/MoVille