From This Level Bitcoin Price Can See A Bull Run, Claims Analyst Benjamin Cowen

From This Level Bitcoin Price Can See A Bull Run, Claims Analyst Benjamin Cowen

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The post From This Level Bitcoin Price Can See A Bull Run, Claims Analyst Benjamin Cowen appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

A renowned cryptocurrency expert is using a certain statistic to forecast where Bitcoin (BTC) prices will head in the future.

Benjamin Cowen informs his 748,000 YouTube followers in a new strategy session that the 200-day simple moving average (SMA) is an effective prediction of future BTC levels, providing 2018 graph statistics as an illustration.

Cowen quotes that until the 200-day moving average gets dismissed, everyone has a strategy. According to him, following the rejection of the 200-day moving average, we failed to make a higher low. What happened then ? A lower bottom, similar to what happened back in 2018.

Further Cowen says, Often, after making the initial lower bottom, there is a relief rebound back to the 200-day moving average. Else, it’s a return towards the northern line which we were holding as security before.

Cowen then highlights two possible price levels on the SMA. He feels $41,700 and $40,000 are critical milestones for BTC to maintain.

Explaining his stance, the strategist quotes that at the moment, the 200-day SMA is about $41,700, but it is falling quite swiftly. He predicts that if we hesitantly extend it out… by the mid of June, the 200-day moving average may even be closer to $40,000.

However, he has a solution. As per his belief, if we have a recovery rebound, we’ll choose to keep an eye on that 200-day moving average. This will happen because it’s a boundary that we need to cross.

The expert closes his observations by stating that it may require multiple trials for Bitcoin to break through the 200-day SMA price point. As BTC is now in a bearish trend, it’s difficult to predict how and when the king currency will rebound.

Bitcoin Price To See Another 200-Day SMA Soon

Crown urges his followers to remember that we observed persistent rejection by the 200-day SMA maybe twice in 2018. Although you could say three times…  but we came close. Finally we broke through on the fourth genuine try.

He continues that There might even be a next one in the following weeks. If that happens, gear up for the 200-day. 

Earlier in March, Cowen had mentioned this. He stated that we’re in a bear market. So don’t expect everyone to just break through the bull market and maintain it just because it was done before.

The bull market support band is a technical indicator that combines Bitcoin’s 20-week simple moving average and 21-week exponential moving average (EMA).

At the time of reporting, Bitcoin is changing its hands at $30,296 with a fall of 0.59% over the past 24hrs.

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