Crypto strategist Benjamin Cowen believes that Bitcoin (BTC) will proceed on a downward development for months after retesting a key value vary.
Cowen tells his 787,000 YouTube subscribers that Bitcoin will possible transfer upward within the quick time period to check its bull market help band solely to say no afterward, confirming the bigger bearish development.
The bull market help band is shaped by the 20-week easy shifting common (SMA), at present at $27,888, and the 21-week exponential shifting common (EMA) at present at $27,227, based on the dealer.
Says Cowen,
“Loads of the bulls don’t essentially imagine that it’s over. And why ought to they? Technically, there hasn’t been a decrease low put in but, so there’s nonetheless purpose for them to imagine. Though, I nonetheless assume this low shall be taken out.
The bulls are giving it one other probability. They’re giving it one other go. They usually’re going to seek out out whether or not they can break via it or not. If they can not break via, if we spend per week or two and the bulls can’t break via, then what’s extra prone to occur is that this possible simply fades again down and places in a decrease low [around $22,890] after which finally they’ll strive once more.”
Taking a look at his chart, Cowen seems to foretell a quick surge for Bitcoin to the $28,000 value space earlier than resuming its downtrend and falling to under $20,000.
Finally, Cowen says Bitcoin may break via the band and create “a extra sustained bull market which may really have the ability to take us to a lot greater costs.”
Cowen additionally says that Bitcoin should not solely break above the bull market help band however stay above it convincingly with the intention to verify an general upward development.
“However within the quick time period, I feel it’s extra possible that we do see rejections by the bull market help band, and if we do get above it, you’d nonetheless must see a number of consecutive weekly closes above it for it to actually imply something.
That’s the laborious half.”
Bitcoin is buying and selling for $26,818 at time of writing, up 1.1% within the final 24 hours.
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