A popular analyst and trader is expressing bullish sentiment on the flagship cryptocurrency, Bitcoin (BTC).
Pseudonymous analyst Bluntz tells his 222,900 Twitter followers that swing failure patterns (SFPS) are forming on the daily chart of BTC and other top crypto assets in a downtrend.
A swing failure pattern occurring during a downtrend typically suggests a reversal to the upside and a reversal to the downside if the pattern occurs during a bullish run.
According to Bluntz, Bitcoin now looks set to rise after overcoming key resistance levels.
“Solid swing failure patterns forming here on the daily chart for BTC and most majors.
I don’t think now’s the time to be short, that was weeks ago.
I think we bounce here but I’ll be keeping a very close eye on the next resistances which for me are $28,300 and $29,500.”
Bitcoin is trading at $27,410 at time of writing, up by about 6% from the May low of $25,811 reached last weekend.
Turning to Litecoin (LTC) which is approaching its third halving event, the pseudonymous trader says that the 12th-largest crypto asset by market cap has more upside potential based on historical precedence.
“Think I agree on this, nice little bit of data someone shared with me earlier as well regarding [Litecoin] halving.
Seems like there could be a solid month – 40 days left of upside based on the last two halvings. It is a small dataset but valuable nonetheless in my opinion.”
Litecoin is trading at $93.09 at time of writing, up by a little over 15% over the past seven days.
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