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A widely followed crypto strategist says Bitcoin is about to flip bullish as multiple technical indicators flash green for BTC.
Trader Kevin Svenson tells his 161,100 followers on the social media platform X that Bitcoin’s relative strength index (RSI) indicator on the weekly chart has confirmed a bullish breakout after last week’s candle close.
The RSI is a momentum indicator that traders use to spot potential reversal points. Last week, Svenson said that confirmed weekly RSI breakouts signals “have proven to be among the most reliable macro breakout indicators.”
With the breakout signal now confirmed, the trader believes that BTC is primed to witness a bullish trend shift.
“The market dynamics are shifting. Demand now outpacing supply. Massive discounts are still available for the taking.
One thing is certain: nothing lasts forever. This bearish trend will reverse into a bullish one. The real question is … are you ready for it?”
Source: Kevin Svenson/X
Zooming in on the three-day chart, Svenson says that Bitcoin’s RSI and its moving average convergence divergence (MACD) indicator are signaling higher prices for BTC.
The MACD is a trend-following indicator that helps traders spot potential entry and exit points.
Says Svenson,
“Bitcoin three-day chart (RSI/MACD):
Pretty decent setup here for a bullish trend pivot.”
Source: Kevin Svenson/X
At time of writing, Bitcoin is trading for $87,559.
