Analyst Benjamin Cowen Says Bitcoin Could Be on Cusp of Major Trend Shift As Potential Repeat of 2019 Appears
Extensively adopted crypto analyst Benjamin Cowen says Bitcoin (BTC) is establishing for a possible pattern shift that would end in an explosive rally just like the one in 2019.
In a brand new technique session, Cowen tells his 783,000 YouTube subscribers that three totally different technical indicators are converging at a key value degree for Bitcoin.
Cowen says the 50-week shifting common is on a downward pattern and the 200-week shifting common is on an upward pattern, each shifting towards each other. The 2 shifting averages seem more likely to meet at BTC’s current excessive of round $25,000.
“You have got the 50-week [average] coming down. You have got the 200-week [average] going up. After which you’ve got the worth rallying on as much as it. You even have the prior native prime at $25,200. And take a look at this native prime: proper in between these two shifting averages. It’s nearly too good that they’re all converging to the identical degree.”
Cowen says the convergence level is just like the situations of 2019, which noticed an explosive rally previous the $6,000 value degree, though many forecasted that value would act as resistance.
“I think about [breaking $25,000] might be a battle. With that mentioned… there have been lots of people over right here [in 2019] that mentioned $6,000 goes to take a very long time to interrupt. They mentioned, ‘We’re going to come back again down, and it’s going to take perpetually to interrupt it.’ And we simply sliced by way of it prefer it wasn’t even there. Okay, so momentum is a strong factor.”
Cowen says that merchants are preserving a detailed watch on the $25,000 value degree because it may point out whether or not the Bitcoin rally has extra gasoline left within the tank.
“There’s plenty of confluence round this $25,000 degree and particularly coming off a rally of – that may be 60%… Look to see what the 60% transfer does if we’re in a position to obtain it. Does it stall out right here? Or does it break by way of like 2019?…
$25,000 goes to be the extent that I believe lots of people are wanting in direction of for Bitcoin to see can it break it, and if it might, how explosive is the transfer past it. And if it might’t, does it simply come proper again down like 2015?”
Bitcoin is buying and selling for $22,752 at time of writing.
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