Cryptocurrency analyst and dealer Kevin Svenson is expressing bullish sentiment on Bitcoin (BTC) forward of the halvening.
Svenson tells his 75,000 YouTube subscribers that the Relative Energy Index (RSI) indicator is confirming the top of a bearish pattern for Bitcoin on the every day chart.
The RSI indicator is a momentum oscillator whose values vary from 0 to 100 and is primarily used to find out oversold or overbought circumstances out there.
“The every day RSI is now displaying a breakout. We’ve got damaged the downtrend as nicely. So this RSI downtrend line breakout strains up with our resistance pattern line breakout. So that is additionally very bullish, very constructive to see – factors to bullish continuation.
This has been a requirement for previous breakouts. Prior to now breakouts that we’ve seen for Bitcoin, at any time when we get above that RSI resistance line, at any time when we get away that’s the second that issues start to get very very bullish.”
The crypto analyst additional says that Bitcoin has damaged out of the higher pattern line of a symmetrical triangle sample. In technical evaluation, a symmetrical triangle sample can both be bullish or bearish, relying on whether or not value strikes above the higher border or under the decrease border.
In keeping with Svenson, Bitcoin’s bullish value motion may see the flagship crypto asset breaking above the record-high value of $73,737.
“Trying on the four-hour chart Bitcoin has damaged above resistance. We at the moment are getting potential indicators of bullish continuation which could lead on us very more likely to new yearly highs, a brand new all-time excessive.”
Bitcoin is buying and selling at $69,037 at time of writing, about 6.4% under the all-time excessive.
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