Leading crypto market analyst Benjamin Cowen sees strong resistance for Bitcoin (BTC) at a major price level.
In a recent update on Bitcoin price action, Cowen tells his 485,000 subscribers that given Bitcoin’s bounce off the 50-week Simple Moving Average (SMA), which is currently priced at just under $ 33,000, it will be It would come as a surprise if the top crypto asset did not continue its run to the 20-week SMA, which is just above $ 44,000.
“I would be surprised, at this point, if we didn’t test at least the 20 weeks [SMA] … because we have tested it many times after bouncing in the 50 weeks [SMA]. If you go back in history, a lot of the times we’ve bounced through the 50 weeks, then we move on to the 20 weeks. There have been many times when that has happened. “
As of this writing, Bitcoin is trading at $ 39,655, according to CoinGecko.
Cowen says that a move for BTC above the $ 42,000 level, which marked the previous local high in January this year, would likely consolidate further momentum to the 20-week SMA.
“I would say that if we exceed $ 42,000, we will go towards 20 weeks [SMA]… So this was the previous local cap here, around $ 42,000. So that will be an interesting level to watch.
… Let’s see if the momentum can get us there because that’s where the real test begins … That’s where the fight begins. “
Disclaimer: Opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
Featured Image: Shutterstock / Martin Capek