Bitcoin Rally In Sight As BTC Shows ‘Handbook’ Bullish Reversal Pattern, Says Top Crypto Strategist

A closely-watched crypto strategist who continues to grow his following with timely Bitcoin (BTC) calls says the leading digital asset could 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.

Source: Kevin Svenson / Twitter

When it comes to Bitcoin’s short-term market structure, Svenson says that BTC is displaying a “manual” Adam and Eve double bottom pattern.

As for the shorter time frames, Svenson says that BTC could 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.

Source: Kevin Svenson / Twitter

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 about 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

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