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Bitcoin Rally in Sight As BTC Flashes ‘Textbook’ Bullish Reversal Pattern, According to Top

A closely tracked crypto strategist who continues to build his following with timely Bitcoin (BTC) calls says the leading digital asset could be gearing up for a significant 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 three-day chart which suggests that BTC is likely setting up for a sustained bounce.

Traders rely on the MACD to spot either trend reversals or continuations.

“Bitcoin three-day MACD cross will likely lead to continuation up. The three-day candle closes tonight. We’re very likely going to confirm the cross soon.”

Source: Kevin Svenson/Twitter

As for Bitcoin’s short-term market structure, Svenson says that BTC is flashing a “textbook” Adam and Eve double bottom pattern.

Looking at lower timeframes, Svenson says that BTC might be trading within a bullish pennant pattern with support around $21,400.

“BTC testing the bottom of the formation. Needs to hold this area to maintain structure.”

Source: Kevin Svenson/Twitter

Although Svenson appears bullish on BTC, he reminds his followers 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 down. Deep in bear territory

In the short to medium term, I’m playing this bullish but being cautious about a macro lower high dump later on.”

At time of writing, Bitcoin is changing hands at $21,455.

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