Bitcoin's Condition Shows Optimism According to Trader, Anticipating Further Gains Based on Two Positive Indicators - Yet, There's a Potential Complication
Bitcoiner bull Kevin Svenson believes Bitcoin's charging ahead in a lovely upward spiral. Svenson dropped the knowledge on his 82,800 YouTube pals that Bitcoin's strong bullish vibe is evident on the daily timeframe.
"Bitcoin's not giving up these gains, we pump, we sideways, we pump, we sideways, and now pumping up again. It's looking real good."
The analyst also claimed Bitcoin confirmed a breakout on the 4-hour chart, indicating it's prime to rise even more, thanks to the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) signals.
The RSI's a momentum oscillator that helps detect overbought or oversold situations, while the MACD measures direction, momentum, and trend duration.
"Bitcoin also smashed the 4-hour RSI resistance. And the MACD on the 4-hour has flipped bullish. So there's multiple things pointin' to a continuation of this move."
Svenson reckons the breakout may push Bitcoin all the way up to about $100,000. But he warned about the chance of a quick retrace before the bull ride continues.
"Got this crazy market, it's always overzealous. So, don't count out the possibility that after we hit our upside target, there's some kind of pullback into this zone, below $90,000, before continuation."
Bitcoin's currently trading at $97,067, proving that bulls got some serious power.
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[Disclaimer: The opinions expressed here aren't financial advice. Invest at your own risk, and always conduct your research before making high-risk investments in crypto or digital assets. The Daily Hodl doesn't recommend the buying or selling of any crypto or digital assets, and we're not an investment advisor. We participate in affiliate marketing.]
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- The cryptocurrency market is showing a strong bullish vibe, particularly Bitcoin, which is charging ahead in an upward spiral.
- The RSI and MACD signals on the 4-hour chart confirm a breakout for Bitcoin, indicating it's prime to rise even more.
- Svenson predicts that the breakout may push Bitcoin all the way up to about $100,000, but warns about the chance of a quick retrace before the bull ride continues.
- Bitcoin also decouples from the US stock market, suggesting that its upward movement may not be affected by traditional finance.
- Cryptocurrency investors may want to consider altcoins, Ethereum, and other digital assets as they learn more about the market and lean toward a long-term investment strategy.
