A well-liked crypto strategist and dealer says a possible shift that might finish Bitcoin’s (BTC) multi-month downtrend is on the horizon.
Crypto analyst Kevin Svenson tells his 69,200 YouTube subscribers that Bitcoin is on the verge of taking out its diagonal resistance that has stored the market bearish since November 2021.
“This long-term [downtrend line], from $69,000 all the way in which down on the linear scale, we’re probably at breakout level to interrupt the macro downtrend on linear… But additionally now we have the weekly RSI, which we’re at the moment about to interrupt out of. So Bitcoin has some potential bullish pivots coming, probably [a] bullish pattern shift.”
The crypto analyst additionally says that along with taking out its diagonal resistance, Bitcoin can also be printing a sample that might point out that the bear market backside is in.
“Bitcoin is ready up in what may very well be a double backside… Firstly of the yr (Might) when Bitcoin got here right down to about $33,000, we examined [$33,000], bounced up and principally weren’t capable of maintain that degree and broke down.
That is beginning to look just a little bit completely different. As an alternative of being continuation down, nicely we got here right down to $17,500, rallied up, discovered help round $18,500, created a barely larger low, held that degree and bounced. So that is wanting much more promising than it did again right here (Might 2022).”
Svenson says he’s additionally protecting an in depth watch on Bitcoin’s weekly RSI, which is a momentum indicator that might sign pattern reversals. Based on the analyst, Bitcoin’s weekly RSI is able to escape from its downtrend that began all the way in which again originally of 2021.
“We now have a shot now at breaking out of the weekly RSI downtrend, and if we do, that’s going to no less than put us in some type of sideways vary or perhaps we discover some stability, get a while to build up after which finally search for a breakout above the macro trendline someplace over in 2023.”
At time of writing, BTC is swapping fingers for $22,236, up over 2% on the day.
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