Kevin Svenson, an analyst and trader, is bullish about Bitcoin (BTC), as it continues to hover over the $100,000 price.
Svenson tells his 81,000 YouTube subscribers that based on the Moving Average Convergence/Divergence (MACD) indicator on the daily time frame, Bitcoin could surge higher over the short term.
The analyst believes that Bitcoin’s price could rise by six percent if the Fibonacci levels are used. This tool is used to calculate potential price targets using the Fibonacci numbers.
I want to draw your attention to daily MACD Histograms. What we see is we’re attempting to cross up – bulls could be gaining full momentum in the near future.
The bears now have lost momentum, and the bulls regain momentum. On the daily, we are currently crossing. If we get this crossover and close it with a cross-up confirmed, then I think Bitcoin could actually be able break through this channel, and this resistance level, and push up to the Fibonacci extension of 1.618. The next big target is $111600 .”
Svenson says, on the other hand, that Bitcoin has “a lot of space to move downward” even in a bullish market.
If you look at the upward-sloping line, Bitcoin could theoretically go down as low as $100,000 while still being in an ascending trend. Imagine the panic if Bitcoins’ price… say, dipped down to $100,000 and then went sideways.
You can see the upward trend line. That is the perfect buying zone. It is also a good support level. This would represent a new low during a bull run. The outcome will be positive, even if there is a small dip in order to test the channel line. Bitcoin will continue its bull run .” I believe Bitcoin is going to do fine.
Bitcoin currently trades at $105,135 as of the time this article was written.
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The post Bitcoin is on the Cusp Of Rallying Higher As One Indicator Changes To Bullish Kevin Svenson Says But There Is A Catch could be updated as new information becomes available.
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