Cryptocurrency analyst and trader Kevin Svenson is expressing bullish sentiment on Bitcoin (BTC) ahead of the halvening.
Svenson tells his 75,000 YouTube subscribers that the Relative Strength Index (RSI) indicator is confirming the end of a bearish trend for Bitcoin on the daily chart.
The RSI indicator is a momentum oscillator whose values range from 0 to 100 and is primarily used to determine oversold or overbought conditions in the market.
“The daily RSI is now showing a breakout. We have broken the downtrend as well. So this RSI downtrend line breakout lines up with our resistance trend line breakout. So this is also very bullish, very positive to see – points to bullish continuation.
This has been a requirement for past breakouts. In the past breakouts that we’ve seen for Bitcoin, whenever we get above that RSI resistance line, whenever we break out that is the moment that things begin to get very very bullish.”
The crypto analyst further says that Bitcoin has broken out of the upper trend line of a symmetrical triangle pattern. In technical analysis, a symmetrical triangle pattern can either be bullish or bearish, depending on whether price moves above the upper border or below the lower border.
According to Svenson, Bitcoin’s bullish price action could see the flagship crypto asset breaking above the record-high price of $73,737.
“Looking at the four-hour chart Bitcoin has broken above resistance. We are now getting potential signs of bullish continuation which could lead us very likely to new yearly highs, a new all-time high.”
Bitcoin is trading at $69,037 at time of writing, about 6.4% below the all-time high.
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