“This chart pattern is formed when one sharp V-shaped first bottom low is made on high volume. This is the first ‘Adam’ bottom. Then the price bounces back higher but later goes lower a second time to create a second cup shape as a second bottom that is the ‘Eve’ on decreasing volatility and a tighter price range”–Paul Ebeling
So, no matter how hard it feels right now, make it your goal and give it your best shot and buy.
A closely tracked crypto strategist who continues to build his following with timely Bitcoin 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 3-day chart which suggests that Bitcoin 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.”
Looking at lower timeframes, Mr. Svenson says that Bitcoin 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.”
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 $20,828.21
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Have a prosperous week, Keep the Faith!