Bitcoin (BTC) $101,762.8It continues its uptrend while trading at $105.135. Analyst Kevin Svenson states that the leading cryptocurrency gives positive signals in the light of technical indicators. Svenson states that the price can reach higher levels in the long term by holding on to support levels.
MACD Indicator Points Bullish
Kevin Svenson explained that the MACD indicator on the daily timeframe gives a strong bullish signal for Bitcoin. The MACD indicator is known as a tool that analyzes the momentum of price movements. Svenson points out upward crossovers in the indicator’s histogram.
Svenson said: “Looking at the daily MACD histograms, we see that an upward intersection has formed. This suggests that the bulls are gaining momentum in the short term. “In terms of technical analysis, this is very promising.”
Additionally, Svenson stated that Bitcoin could gain 6% in value from its current price according to Fibonacci extension levels. Fibonacci analysis is widely used among investors to identify potential price targets.
Bitcoin’s Support and Resistance Zones Are Important
Svenson also pointed out that although Bitcoin remains in an uptrend, it has a potential downside. According to the analyst, the bull trend may continue even if the price retreats to $ 100,000 levels. This could present a great opportunity for investors.
“Bitcoin’s price could theoretically fall as low as $100,000 and still remain in an uptrend. These levels create strong buy zones. “If the price falls to these levels, it will be an excellent support area for investors,” said Svenson, emphasizing that investors should not panic in such scenarios.
Svenson thinks that the price will recover and continue its rise after possible declines. Technical analysis tools play an important role in these predictions. He states that Bitcoin’s strong support and resistance levels serve as a guide for investors.
While volatility remains high in the Bitcoin market, Svenson’s statements may be guiding for investors. Positive signals provided by technical analysis indicate that the leading cryptocurrency may reach higher levels in the future.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
