According to a well-known crypto strategist, Bitcoin is on the verge of turning bullish as several technical indicators are showing positive signs for BTC.
Trader Kevin Svenson, sharing his insights with his 161,100 followers on the social media platform X, points out that Bitcoin’s relative strength index (RSI) indicator on the weekly chart has confirmed a bullish breakout following last week’s candle close.
RSI is a momentum indicator used by traders to identify potential reversal points. Svenson previously stated that confirmed weekly RSI breakout signals have been reliable indicators of major market shifts.
With the breakout signal now confirmed, Svenson believes that Bitcoin is poised for a shift towards a bullish trend.
“The market dynamics are changing. Demand is surpassing supply. There are still significant discounts available. One thing is certain: trends don’t last forever. This bearish trend will transition into a bullish one. The question is, are you prepared for it?”
Looking closely at the three-day chart, Svenson notes that Bitcoin’s RSI and moving average convergence divergence (MACD) indicator are indicating higher prices for BTC.
MACD is a trend-following indicator that assists traders in identifying potential entry and exit points.
Svenson states, “Bitcoin three-day chart (RSI/MACD): A pretty solid setup here for a bullish trend pivot.”
As of the time of writing, Bitcoin is being traded at $87,559.
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