The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

Bitcoin Must Crush This Crucial Price Level To Rejuvenate Bull Market, According to Crypto Strategist Benjamin Cowen

by Daily Hodl Staff
August 9, 2021
in Bitcoin, Trading

Popular crypto trader and strategist Benjamin Cowen says he’s keeping a close watch on a key price level as bulls try to take full control of the Bitcoin market.

In a new strategy session, Cowen tells his 489,000 YouTube subscribers that bulls must convincingly push Bitcoin above the 200-day simple moving average (SMA) to put an end to the bear trend.

“It’s a pretty important line to get above just to rejuvenate the market and say, ‘Hey, we are no longer in a downtrend. We have decisively broken out of it.’

I would say this is a pretty important level, the 200-day SMA. It’s important because it does provide a level of resistance if history is any indication. And whenever we break above it after we come back down, it tends to lead to a pretty explosive move.”

Cowen says that the 200-day SMA, which is currently around $45,000, perfectly lines up with BTC’s lows in February 2021 and the diagonal resistance that has kept the market bearish since Bitcoin topped out in April.

Looking at the weekly timeframe, the crypto analyst says that the 20-week SMA is also hovering around $45,000, making the level an even more significant resistance point for the bulls.

“We need to have a weekly close above the 20-week [SMA] before we can actually test the 20-week [SMA]. It doesn’t make sense to say it’s a test of the 20-week [SMA] if we end up having a weekly close below it because then it was just a wick. Of course, no one who watches this channel, they sure as hell aren’t getting out of bed for a wick…

I think it makes a lot of sense that we’re getting some hesitation here.”

In the last 24 hours, Bitcoin briefly touched $45,282, according to CoinMarketCap. The leading crypto asset has retraced since then and is trading at $43,349 at time of writing.

I

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
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.

Featured Image: Shutterstock/alleachday

Submit a Press Release

Industry Announcements

  • WOW EARN Unveils Layer One Blockchain, Redefining Efficiency and Global Accessibility
    December 5, 2023
  • LandX Closes Private Round Securing Over $5 Million in Private Funding
    December 4, 2023
  • Chromia Confirms Mainnet Release in 2024
    December 4, 2023
  • CAGA Crypto – Decentralized Financial Movement Unveiled on MEXC and Bitget
    December 4, 2023
  • TMNG Tokens Successfully Listed on MEXC Crypto Exchange
    December 1, 2023
  • Sui Surpasses $150 Million in TVL, Showcasing Blistering DeFi Momentum
    November 30, 2023
  • Duelbits Announces Landmark Collaboration With Football Icon Luis Suárez
    November 29, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$43,511.66
$43,511.66
4.91%
Ethereum
$2,264.91
$2,264.91
2.69%
Cardano
$0.428498
$0.428498
7.28%
XRP
$0.619604
$0.619604
1.1%
Dogecoin
$0.103237
$0.103237
16.68%

Spotlight

  • Bitcoin Forming Bullish Picture As BTC Gears Up To Leave 15-Month Accumulation Phase Behind: Crypto Analyst
    November 28, 2023
  • 100 Biggest Tether Whales Add $1,670,000,000 in USDT in Six Months, Says Analytics Firm Santiment
    November 28, 2023
  • Whales Start Shifting DEX Token Ahead of Massive $505,500,000 Unlock
    November 28, 2023
  • ‘One of Most Bullish Charts I’ve Seen’ – Ex-Goldman Sachs Executive Details Ethereum Outlook As ETH Prints New Pattern
    November 28, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2023 The Daily Hodl