Analyst and trader Kevin Svenson is leaning bullish on Bitcoin (BTC) as the flagship crypto asset hovers below the $100,000 designate.
In a brand recent video, Svenson tells his 82,400 YouTube subscribers that the weekly Relative Strength Index (RSI) indicator, which he considers “one of essentially the most authentic signals for bullish pivots in Bitcoin land,” is suggesting a switch to the upside for the flagship crypto asset.
The RSI is a momentum indicator that oscillates between 0 to 100 and is outdated to resolve overbought or oversold levels.
“And now we are seeing, if closely, the weekly RSI is starting to height above the downtrend line…
If we construct procure a shut above this resistance line, properly it might perchance per chance perchance additionally merely snort a wide leg up for Bitcoin is underway.
Each primary uptrend for Bitcoin that we’ve had since the starting attach of 2023 used to be marked by a weekly RSI breakout every single time. If we construct truly shut with a weekly RSI breakout, I’m going to become very bullish on Bitcoin in the immediate, medium and future.”
Svenson says that if the RSI indicator efficiently breaks out above the resistance line on Bitcoin’s weekly time physique, the flagship crypto might perchance well rally by up to 36% from the hot level.
“So in between $124,000 – $134,000 is the goal range for me on this parabolic pattern…
I construct test that after we procure this next primary punch, this next primary parabolic come to $124,000 or even $134,000, there’ll more than seemingly be some form of correction that comes alongside that the attach the market would then resolve up after which punch up into the head of the year for a critical increased goal.”
Bitcoin is trading at $98,797 at time of writing.
Generated Picture: Midjourney
