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.”
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