The popular analyst Kevin Svenson is positive about Bitcoin and sees a lot of perspective for the digital currency. He states that Bitcoin is less than a week away from a strong bullish reversal signal. It is about Bitcoin’s relative Strength Index (RSI), which would indicate a possible trend removal.
Bitcoin outbreak in five days?
According to Svenson, Bitcoin’s RSI is in the early phase of breaking through a diagonal resistance in the early phase. Since January, that resistance has led to price falls, says the analyst.
To confirm the outbreak, according to Svenson, Bitcoin must remain above the downward trend line all week.
Kevin Svenson adds that an outbreak for Bitcoin on the weekly RSI is one of the “most reliable macro outbreak signals”. But now it is still a few days of waiting for confirmation.
As far as the Bitcoin course is concerned, the market is slowly taking on the right direction again. In the meantime, there is already a Bitcoin course of $ 85,639. While not long ago the provisional bottom of $ 74,000 was tapped.
Bitcoin breaks down downward trend
While Bitcoin is still fighting the downward trend for the RSI on the weekly graph, Kevin Svenson sees more confirmation on the daily graph. Bitcoin has already broken through the downward trend line.
In that respect, the downward trend seems to come to an end. In any case if we base ourselves on technical analysis. Unfortunately, that is not the only way to say something about the course.
If Donald Trump continues with his trade war in this way, then there is little chance that it will stay with it. Suppose, for example, he causes a global recession, then Bitcoin will also get very hard in the coming period.
Source: https://newsbit.nl/bitcoin-5-dagen-verwijderd-van-bevestigen-betrouwbaar-uitbraak-signaal/
