Popular crypto trader Benjamin Cowen thinks Bitcoin looks “incredibly bullish”.
In a new video, the analyst has told its 566,000 YouTube followers that BTC has achieved the three things it takes to keep moving up.
Initially, Bitcoin rebounded above the 20-week simple moving average (SMA). Second, Bitcoin’s chart saw a “golden cross” that occurs when a short-term moving average crosses a long-term moving average. The technical pattern is often viewed as an indicator that a breakout might be on the horizon.
And third, Cowen says that BTC has also hit a higher low.
“Once we passed the 20 week, once we had a gold cross, was the only thing left for Bitcoin? Hold the damn line
What if you hold the line? Clear sky in front of us. “
According to CoinGecko, BTC is trading at $ 56,574.13 at the time of writing. The largest crypto asset by market cap is up nearly 10% for the week and more than 38% in the past 14 days.
Cowen notes that Bitcoin could have pullbacks in the short-term future, but also argues that it shouldn’t put investors off. The trader says $ 58,000 is the first area of resistance to watch and notes that resistance could appear anywhere between $ 58,000 and $ 65,000.
“The bears are incredulous.”
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Featured image: Shutterstock / Tithi Luadthong
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