A popular analyst and trader has expressed bullish sentiment for the leading cryptocurrency, Bitcoin (BTC). The pseudonymous analyst Bluntz told to his 222,900 Twitter followers that swing failure patterns (SFPS) are forming on the daily chart of BTC and other major crypto currencies during a downward trend.
A swing failure pattern that occurs during a downtrend usually suggests a reversal up and a reversal down if the pattern occurs during a bullish period. According to Bluntz, Bitcoin now seems poised to rise after overcoming key resistance levels. He indicated the following:
“Solid swing failure patterns are forming here on the daily chart for BTC and most major cryptos. I don’t think it’s the right time to go short, that was weeks ago. I think we are recovering here, but I am closely watching the next resistances, which are $28,300 and $29,500.”
Bitcoin is trading at a price of $26,875 at the time of writing with a drop of almost 2% on the day.
As for Litecoin (LTC), which is approaching its third halving event, said the pseudonymous trader that the twelfth largest crypto-currency by market cap has even more upside potential based on historical data. He added the following:
“I think I agree with this, a nice piece of information that someone shared with me before about the [Litecoin] halving. It looks like there could be another solid month – 40 days of upward movement based on the last two halvings. It is a small dataset, but in my opinion still valuable.”
Litecoin is currently trading at a price of $91.86 with a small drop of just under half a percent from 24 hours ago.
However, Bluntz cautioned that the crypto market remains volatile and it is important to keep a close eye on developments. Despite the positive outlook, he emphasizes that there are always risks associated with investing in cryptocurrencies and that it is important to take responsibility when making investment decisions.
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