Crypto trader and influencer Lark Davis thinks Bitcoin is ready to rally once it goes above a key price area.
In a new strategy session, Davis tells his 410,000 subscribers that he’s got his eye on the 200-day simple moving average (SMA) to determine whether Bitcoin bulls can recapture momentum in the market.
[adinserter block="1"]“There’s one simple line we need to keep our eye on. That is the 200-day simple moving average. That’s the bull/bear line for me…That’s currently around $44,700. That’s the line that the bulls need to take control of. Until we cross over that line, we are still technically in a bearish trend.”
Zooming out from the current price pump, Davis posits that Bitcoin’s run above $64,000 in April and its subsequent 54% retracement a month later could potentially just be a massive retest of weekly support at $29,300, which was built earlier this year. According to Davis, the support retest could indicate that Bitcoin might be gearing up for a strong surge.
“But what if all of this – what if all this crazy run-up, all this crazy bearish action – has simply been one massive, incredible retest of support, which essentially means that Bitcoin is getting primed for a mega moon rally… We going to the moon once we reclaim the 200-day [simple] moving average.”
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