Prominent crypto market analyst Benjamin Cowen sees heavy resistance coming for Bitcoin (BTC) at an important price level.
In a recent update on Bitcoin’s price action, Cowen tells his 485,000 subscribers that given Bitcoin’s bounce off the 50-week simple moving average (SMA), currently priced just under $33,000, he would be surprised if the top crypto asset didn’t continue its run to the 20-week SMA, which is sitting right above $44,000.
“I would be surprised, at this point, if we didn’t at least test the 20-week [SMA] … because we’ve tested it many times after bouncing off the 50-week [SMA]. If you go back in history, many of the times we’ve bounced off the 50-week, we then go to the 20-week. There’s been a lot of times when that’s happened.”
At time of 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 top in January of this year, would likely cement a further push to the 20-week SMA.
“I would say if we’re breaking above $42,000, then we’re headed towards the 20-week [SMA]… So this was the prior local top here, right 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.”
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
The post Bitcoin’s Real Test Begins at This Price Area, According to Crypto Analyst Benjamin Cowen appeared first on The Daily Hodl.
