One of the Most Reliable Indicators for Bitcoin Flashing Bullish Signal, Says Trader – Here Are His Targets

Analyst and dealer Kevin Svenson is leaning bullish on Bitcoin (BTC) because the flagship crypto asset hovers under the $100,000 value.

In a brand new video, Svenson tells his 82,400 YouTube subscribers that the weekly Relative Power Index (RSI) indicator, which he considers “one of the crucial dependable indicators for bullish pivots in Bitcoin land,” is suggesting a transfer to the upside for the flagship crypto asset.

The RSI is a momentum indicator that oscillates between 0 to 100 and is used to find out overbought or oversold ranges.

“And now we’re seeing, if you happen to look intently, the weekly RSI is beginning to peak above the downtrend line…

If we do get an in depth above this resistance line, nicely it could point out an enormous leg up for Bitcoin is underway.

Each single main uptrend for Bitcoin that we’ve had for the reason that starting of 2023 was marked by a weekly RSI breakout each single time. If we do the truth is shut with a weekly RSI breakout, I’m going to turn into very bullish on Bitcoin within the brief, medium and long run.”

Svenson says that if the RSI indicator efficiently breaks out above the resistance line on Bitcoin’s weekly time-frame, the flagship crypto may rally by as much as 36% from the present stage.

“So in between $124,000 – $134,000 is the goal vary for me on this parabolic pattern…

I do anticipate that after we get this subsequent main punch, this subsequent main parabolic advance to $124,000 or possibly $134,000, there will likely be some type of correction that comes alongside that the place the market would then settle up after which punch up into the tip of the yr for a a lot increased goal.”

Bitcoin is buying and selling at $98,797 at time of writing.

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