Crypto analyst Kevin Svenson states that an important technical indicator bitcoin He thinks it could mark the end of the bear market.
The analyst thinks that the weekly relative strength index (RSI) in Bitcoin price is close to breaking the diagonal resistance. The analyst thinks this means that BTC bulls are starting to gain some momentum.
Bitcoin is very close to a possible bullish weekly RSI breakout that will end the two-year-old RSI resistance downtrend. Are the green candles coming sooner than we thought?
In a new video update, Svenson explained the importance of a potential RSI breakout. According to the analyst, the weekly RSI breakout could signal a major trend change for BTC.
“Now, this is probably one of the highlights for Bitcoin in the entire bear market ever. If we get this RSI signal in the next few weeks, it can actually change the entire trend going forward.”
NEWS CONTINUES BELOW
Svenson underlined that a weekly RSI breakout took place towards the end of BTC’s bear market in 2018.
With the weekly RSI bullish, Svenson shared his view that Bitcoin is “positioned for a possible big uptrend.”
Koinfinans.com As we reported, the Analyst predicts that if the RSI surpasses its long-term resistance, BTC will rise up to $ 21,000. At the time of writing the news, BTC is trading at $ 16,704. If the analyst’s goal is achieved, there will be an increase of more than 25%.