Benjamin Cowen, Popular crypto analyst affirms that Bitcoin is looking strong in its position.
Furthermore, Benjamin Cowen explains to his 592,000 YouTube subscribers how BTC is showing strength. Especially, after hitting its highest-ever monthly close of approximately $61,400.
More so, Benjamin Cowen confirms that BTC trading well above its 20-week simple moving average (SMA).
Also, according to 21-week exponential moving average (EMA) which he refers to collectively as the “bull market support band.”
Notably, He says the 20-week SMA sits around $46,800 and the 21-week EMA is at $50,100.
Then, Benjamin Cowen explains.
“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.”
So, Benjamin Cowen concludes.
Currently, Bitcoin is trading at $63,143.51, showing over 4% increase in the past seven days.
Additionally, Cowen also urges his audience to monitor 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.”
Then, Benjamin Cowen continues.
“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.”
Lastly, The 8-week SMA is nearly $55,000, according Benjamin Cowen.
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