Crypto strategists say Bitcoin is turning bullish as multiple technical indicators flash green for BTC.
Trader Kevin Svenson tells 161,100 followers on social media platform X that Bitcoin Relative Strength Index (RSI) indicators on the weekly chart confirmed a bullish breakout after last week's candleclosure.
RSI is the momentum indicator that traders use to find potential reversal points. Last week, Svenson said he confirmed that the weekly RSI breakout signal “proves to be one of the most reliable macro breakout indicators.”
With the breakout signal confirmed, traders believe BTC is ready to witness a bullish trend shift.
“The dynamics of the market are changing. Demand is currently outweighing supply. Large discounts are still available.
One thing is certain: nothing lasts forever. This bearish trend reverses to a bullish trend. The real question is… are you ready for it? ”
Source: Kevin Svenson/X.
Zooming into the three-day chart, Svenson says that Bitcoin's RSI and its moving average convergence branching (MACD) indicators show a higher price for BTC.
MACD is a trending indicator that helps traders find potential entry and exit points.
Svenson says,
“Bitcoin 3-Day Chart (RSI/MACD):
Here's a pretty decent setup for bullish trend pivots. ”
Source: Kevin Svenson/X.
At the time of writing, Bitcoin is trading at $87,559.
Generated Image: Midjourney
