A crypto strategist followed that Bitcoin (BTC) is less than a week away from attaching a strong bullish reversal signal.
Analyst Kevin Svenson tells His 161,000 followers on the social media platform X that he closely monitors Bitcoin’s weekly relative strength -Indicator, a momentumoscillator that can help traders spot trend reversing areas.
According to Svenson, BTC’s weekly RSI is in the early stages of the crushing of a diagonal resistance that the market has kept Bearish since January. He notes that Bitcoin has to stay above the Downtrend line for the rest of the week to confirm the outbreak.
“Bitcoin | Weekly RSI -Breakouts:
Once confirmed, weekly RSI -Breakout -signals have proven one of the most reliable macro -breakout -indicators.
[Five] Days to full confirmation. ”
Looking at the graph of the trader, he seems to point out that weekly RSI pimples have indicated the start of strong Bitcoin rallies since the beginning of 2023.
While the weekly RSI is trying to break his diagonal resistance, Svenson notes The price of that BTC has already achieved a falling line on the daily graph.
“Bitcoin tries to break out.”
At the time of writing, Bitcoin acts for $ 84,630.
Turning to altcoins, the trader out That a real Altcoin season starts as soon as a crypto-asset with a large number of bull area enters.
“A real altea season only starts when Ethereum pumps.
I love it or hate it, it’s just the truth. It is the reason we have not seen one yet. ”
At the time of writing, Ethereum is worth $ 1,631.
Follow us on X” Facebook And Telegram
Don’t miss a beat – Subscribe to get e -mail notifications directly to your inbox
Check price promotion
Surf the Daily Hodl -Mix
Generated image: midjourney
