Traders say that bitcoin looks "really good", predicts more benefits among two bullish signals, but there's a catch

Cryptocurrency dealer and analyst Kevin Svenson has been bullish on Bitcoin (BTC) amid rising flagship digital belongings over the previous two weeks.

In a brand new technique session, Svenson will inform 82,800 YouTube subscribers that Bitcoin is exhibiting robust bullish momentum on his every day time chart.

“Bitcoin hasn't given up on the pump. We pump it up, go sideways, pump it up, go sideways.

Svenson additionally states that Bitcoin has confirmed breakouts on the 4-hour chart and is able to be excessive based mostly on indicators from the relative energy index (RSI) and shifting common convergence branching (MACD) indicator.

RSI is an oscillator used to find out overselling or overselling circumstances, whereas MACD is used to find out pattern path, momentum, period, and establish potential purchase and promote indicators.

“Bitcoin additionally defeated the four-hour RSI resistance, and the four-hour MACD turned to the bullish aspect. So there are a number of issues that can lead us to consider this transfer can proceed.”

Supply: Kevin Svenson/YouTube

In accordance with analysts and merchants, a breakout may end up in Bitcoin reaching a value of round $100,000.

Nonetheless, Svenson warns that Bitcoin faces draw back dangers and may very well be corrected earlier than going larger.

“We don't wish to underestimate the potential for reaching some kind of litrose (down $90,000) on this zone earlier than Bitcoin continues after we meet our upward objective. The market is all the time loopy and all the time unstable.”