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Crypto: Bitcoin is flashing a “textbook” Adam and Eve Double Bottom Pattern

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#crypto #bitcoin #bullish

$BTCUSD

“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

A tip of the hat to sovereign individuals with satoshis and Bitcoin in cold storage with our firm. Click here

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Have a prosperous week, Keep the Faith!

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.