Popular crypto analyst Benjamin Cowen thinks things look “pretty impressive” right now for Bitcoin.
Cowen tells his 592,000 YouTube subscribers that BTC is showing strength after posting its highest-ever monthly close of approximately $61,400.
Cowen also notes the largest crypto asset by market cap is trading well above its 20-week simple moving average (SMA) and 21-week exponential moving average (EMA), two technical indicators that he refers to collectively as the “bull market support band.”
He says the 20-week SMA sits around $46,800 and the 21-week EMA is at $50,100.
Explains the analyst,
“These would be the lines in the sand we would want to hold to maintain the integrity of the bull market, so as long as we’re above these lines, things are still good.”
Bitcoin is trading at $63,143.51 at time of writing, up more than 4% in the past seven days, according to CoinGecko.
Cowen also recommends keeping an eye on the 8-week simple moving average.
“Remember we have our trusty 8-week SMA that perhaps we can also potentially hold as support. We were able to stay above the 8-week SMA earlier this cycle.
In the first leg of the market cycle you can see we more or less stayed above that 8-week moving average all the way up, and then once we broke through it, it meant we were going to test the bull market support band.”
The 8-week SMA is nearly $55,000, according to the analyst.
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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/arda savasciogullari
