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As Bitcoin (BTC) 
$111,352 trades at the $105,135 level, it continues its upward trend. Analyst Kevin Svenson indicates that the leading cryptocurrency shows positive signals according to technical indicators. He suggests that as long as the price holds at support levels, it could reach higher levels in the long term.
MACD Indicator Signals Growth
Kevin Svenson announced that the MACD indicator in the daily timeframe has provided a strong bullish signal for Bitcoin. The MACD indicator is known for analyzing the momentum of price movements. Svenson draws attention to the upward crossovers in the histogram of the indicator.
He stated, “Looking at the daily MACD histograms, we see an upward crossover forming. This indicates that bulls are gaining momentum in the short term. From a technical analysis perspective, this situation is quite promising.”
Importance of Bitcoin’s Support and Resistance Areas
Svenson also emphasized the potential for declines despite Bitcoin’s ongoing bullish trend. According to him, even if the price retraces to $100,000, the bullish trend could still continue. This situation may present significant opportunities for investors.
“The price of Bitcoin could theoretically drop to $100,000 and still remain in an upward trend. These levels create strong buying areas. If the price falls to these levels, it will provide a perfect support area for investors,” Svenson noted, highlighting that investors should not panic in such scenarios.
Svenson believes that after potential declines, the price will recover and continue its upward trajectory. Technical analysis tools play a crucial role in these predictions. He points out that Bitcoin’s strong support and resistance levels serve as guidance for investors.
While volatility remains high in the Bitcoin market, Svenson’s insights can be guiding for investors. The positive signals from technical analyses indicate that the leading cryptocurrency may reach even higher levels in the future.
