Bitcoin just printed a rare weekly bullish engulfing candle, a pattern that has only appeared six times in its entire history — a positive sign for Bitcoin holders.

• Last week's candle dipped below the prior week's low and then closed above the prior week's high, meeting the strict definition of a bullish engulfing.
• Under this strict definition, the pattern has only fired six times in Bitcoin's history, making it a rare event.
• Weekly signals carry more weight than the same pattern on shorter time frames, which show up far more often and are less reliable.
• Looser definitions of the pattern are more common but historically work less often, so the strict version is the one worth watching.

Outlook: History suggests this signal has tended to precede strong upside moves, so the near-term lean for Bitcoin is bullish.