Bitcoin Primed For A Spike As The US Stock Market Flashes Bullish Signals
A well-known cryptocurrency analyst and trader believes Bitcoin (BTC) is poised to climb with the US stock market.
Crypto trader Kevin Svenson tells his 69,000 YouTube subscribers in a new strategy session that Bitcoin has recently demonstrated a roughly 90% correlation with the S&P 500.
He also claims that the S&P 500 has reached “extremely oversold levels” on the weekly relative strength index (RSI), a measurement that measures an asset’s market momentum. Svenson points out that the index hasn’t been this low since the Covid crash in early 2020.
According to the expert, the S&P 500 has not spent much time at these historically low RSI levels. He believes equities are “ready for some kind of rally,” particularly given the index recently fell to a critical Fibonacci level at the end of last week.
Svenson believes Bitcoin will follow the S&P on a “multi-week reversal back to the upside,” however he believes there is a “high potential” BTC would fall in price later.
According to the analyst, Bitcoin might test as high as its present downward-sloping resistance line before falling to lows later. BTC’s price could rise to prior support levels near $36,200 or previous candle closure levels near $37,500.
At the time of writing, Bitcoin is worth $29,305. The top-ranked cryptocurrency asset by market capitalization has dropped more than 2.5% in the last 24 hours.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Patrick
CoinCu News
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Bitcoin
Bitcoin Primed For A Spike As The US Stock Market Flashes Bullish Signals
A well-known cryptocurrency analyst and trader believes Bitcoin (BTC) is poised to climb with the US stock market.
Crypto trader Kevin Svenson tells his 69,000 YouTube subscribers in a new strategy session that Bitcoin has recently demonstrated a roughly 90% correlation with the S&P 500.
He also claims that the S&P 500 has reached “extremely oversold levels” on the weekly relative strength index (RSI), a measurement that measures an asset’s market momentum. Svenson points out that the index hasn’t been this low since the Covid crash in early 2020.
According to the expert, the S&P 500 has not spent much time at these historically low RSI levels. He believes equities are “ready for some kind of rally,” particularly given the index recently fell to a critical Fibonacci level at the end of last week.
Svenson believes Bitcoin will follow the S&P on a “multi-week reversal back to the upside,” however he believes there is a “high potential” BTC would fall in price later.
According to the analyst, Bitcoin might test as high as its present downward-sloping resistance line before falling to lows later. BTC’s price could rise to prior support levels near $36,200 or previous candle closure levels near $37,500.
At the time of writing, Bitcoin is worth $29,305. The top-ranked cryptocurrency asset by market capitalization has dropped more than 2.5% in the last 24 hours.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
CoinCu News
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