A closely followed crypto strategist believes Bitcoin (BTC) has less than a week since it confirmed a strong bull inversion signal.
Analyst Kevin Svenson tells 161,000 followers of social media platform X that he is closely watching Bitcoin’s weekly relative strength index (RSI) indicator.
According to Svenson, BTC’s weekly RSI is in the early stages of grinding up diagonal resistance, which has been keeping the market weak since January. He points out that Bitcoin needs to surpass the downtrend line for the rest of the week to confirm the breakout.
“Bitcoin | Weekly RSI Breakouts:
Once confirmed, the weekly RSI breakout signal has proven to be one of the most reliable macro breakout indicators.
(5) Until a complete check. ”
Source: Kevin Svenson/X.
Looking at the trader’s charts, he appears to point out that weekly RSI breakouts have marked the start of a strong Bitcoin rally since its launch in 2023.
With weekly RSI trying to break the oblique resistance, Svenson points out that BTC prices have already achieved trendlines that they have come up with on their daily charts.
“Bitcoin is about to break out.”
Source: Kevin Svenson/X.
At the time of writing, Bitcoin is trading at $84,630.
Turning to Altcoins, traders say the actual Altcoin season begins when massive crypto assets enter bull territory.
“The true alto season only starts once with the Ethereum pump.
Whether you love it or hate it, it’s just the truth. That’s why we haven’t seen it yet. ”
At the time of writing, Ethereum is worth $1,631.
Generated Image: Midjourney
