Cryptocurrency trader and analyst Kevin Svenson is leaning bullish on Bitcoin (BTC) amid the flagship digital asset’s rise over the past two weeks.
In a new strategy session, Svenson tells his 82,800 YouTube subscribers that Bitcoin is demonstrating strong bullish momentum on the daily time chart.
“Bitcoin not giving up any of the pumps. We pump up, we go sideways, we pump up, we go sideways. And now pumping up again. It’s looking really good.”
Svenson also says that Bitcoin has confirmed a breakout on the four-hour chart and is poised to go higher based on signals from the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators.
The RSI is a momentum oscillator used to determine oversold or overbought conditions, while the MACD is used to determine the direction, momentum and duration of a trend or to identify potential buy and sell signals.
“Bitcoin also broke the four-hour RSI resistance. And the MACD on the four-hour has flipped to the bullish side. So there are multiple things leading us to believe that there could be continuation on this move.”
Source: Kevin Svenson/YouTube
According to the analyst and trader, the breakout could see Bitcoin reach a price of around $100,000.
Svenson, however, warns that Bitcoin faces a downside risk and could undergo a correction before proceeding higher.
“I don’t want to discount the possibility that Bitcoin after hitting our upside target, you know, maybe there’s some kind of retrace into this zone [below $90,000] before continuation. The market is always crazy, it’s always volatile.”
Source: Kevin Svenson/YouTube
Bitcoin is trading at $97,067 at time of writing.
Generated Image: Midjourney
