BTC Bullish Outlook If It Holds RSI Support Level
CryptoNewsTerminal Staff03 Aug, 2024
BTC Bullish Outlook If It Holds RSI Support Level
BTC Bullish Outlook If It Holds RSI Support Level Cryptocurrency analyst Kevin Svenson believes that Bitcoin (BTC) could rally and potentially set new highs if it holds the Relative Strength Index (RSI) support level. On the Kraken BTC/USD daily chart, the RSI is trending down and retesting support. If it holds this support, which was previously resistance, BTC could rally. Svenson is a popular crypto analyst on YouTube with about 78,000 subscribers. He is known for his technical analysis of the crypto market. BTC is currently trading at around $23,000. It has been consolidating in a tight range for the past few weeks. However, if it can break above the $25,000 resistance level, it could rally towards $30,000. Svenson's analysis is based on the RSI, which is a momentum indicator that measures the magnitude of recent price changes. An RSI value above 70 indicates that the asset is overbought, while a value below 30 indicates that it is oversold. The RSI is currently at around 40, which suggests that BTC is neither overbought nor oversold. However, if it breaks below 30, it could indicate that BTC is oversold and could be due for a rally.
