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Bitcoin Positioned for Major Move Up As BTC Could Soon Flash Big Reversal Signal: Crypto Strategist

A carefully adopted crypto strategist says one essential technical indicator might sign the top of Bitcoin’s (BTC) bear market.

Crypto analyst Kevin Svenson tells his 118,900 Twitter followers that Bitcoin’s weekly relative energy index (RSI), which measures the ratio of down-moves to up-moves is near taking out its diagonal resistance, indicating that BTC bulls are beginning to collect some momentum.

“Bitcoin very near a potential bullish weekly RSI breakout that will finish the two-year-long RSI resistance downtrend.

Are inexperienced candles coming before we expect?” 

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Supply: Kevin Svenson/Twitter

In a brand new video replace, Svenson explains the significance of a possible RSI breakout.

“Now, that is probably some of the pivotal factors for Bitcoin in your complete bear market to date.”

Based on the analyst, a weekly RSI breakout might sign a giant pattern shift for BTC.

“This RSI sign, if we do get it within the subsequent couple of weeks, might really change your complete pattern shifting ahead.”

Svenson provides {that a} weekly RSI breakout additionally happened towards the top of BTC’s bear market in 2018.

“When you pop above that, that’s when issues get bullish.”

Supply: Kevin Svenson/YouTube

With the weekly RSI creeping up, Svenson says that Bitcoin is “positioned for a potential main transfer up.”

Ought to the RSI take out its long-term resistance, the crypto analyst predicts that BTC might rally to as excessive as $21,000. At time of writing, BTC is altering arms for $16,704, indicating an upside potential of over 25% if the king crypto reaches Svenson’s goal.

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Disclaimer: Opinions expressed at The Every day Hodl are usually not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any loses you might incur are your accountability. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please be aware that The Every day Hodl participates in internet affiliate marketing.

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