Cryptocurrency trader and analyst Kevin Svenson has been bullish on Bitcoin (BTC) amid rising flagship digital assets over the past two weeks.
In a new strategy session, Svenson will tell 82,800 YouTube subscribers that Bitcoin is showing strong bullish momentum on his daily time chart.
“Bitcoin hasn’t given up on the pump. We pump it up, go sideways, pump it up, go sideways.
Svenson also states that Bitcoin has confirmed breakouts on the 4-hour chart and is ready to be high based on signals from the relative strength index (RSI) and moving average convergence branching (MACD) indicator.
RSI is an oscillator used to determine overselling or overselling conditions, while MACD is used to determine trend direction, momentum, duration, and identify potential buy and sell signals.
“Bitcoin also defeated the four-hour RSI resistance, and the four-hour MACD turned to the bullish side. So there are multiple things that will lead us to believe this move can continue.”
Source: Kevin Svenson/YouTube
According to analysts and traders, a breakout can result in Bitcoin reaching a price of around $100,000.
However, Svenson warns that Bitcoin faces downside risks and could be corrected before going higher.
“We don’t want to underestimate the possibility of reaching some sort of litrose (down $90,000) in this zone before Bitcoin continues after we meet our upward goal. The market is always crazy and always unstable.”
Source: Kevin Svenson/YouTube
Bitcoin is trading at $97,067 at the time of writing.
https://www.youtube.com/watch?v=3su0kkhlglc
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