Cryptocurrency analyst and dealer Benjamin Cowen says he’s holding a detailed watch on a key worth stage for Bitcoin that will point out that bulls are in management.
In a brand new technique session, Cowen tells his 580,000 YouTube subscribers that if Bitcoin closes above the $60,000 worth on the weekly chart, it might point out that the flagship cryptocurrency has discovered sturdy assist.
“Ideally we will shut it above $60,000 [on the weekly chart]. Why? As a result of it’d point out that we’re discovering assist on the similar stage that Bitcoin beforehand discovered resistance. It’s the one motive, okay.
Now, is it doable we nonetheless come again down? Yeah, it’s doable. However I’m simply saying having the bulls make a stand at this stage is exhibiting that there are consumers, there are bulls, they’re attempting to indicate that what was beforehand held as resistance for 3 months is now being held as assist.”
The crypto analyst additionally says that $60,000 is a key psychological stage for Bitcoin as bulls struggled to remain above that stage earlier this 12 months.
“Look how a lot time we’re spending above $60,000. We didn’t actually spend that a lot time above $60,000 earlier this 12 months. We had some day by day candles above it. We moved above it proper right here (March 2021). We had a transfer above $60,000, and we got here above it proper right here (April 2021).
But it surely’s not like we spent lots of consequential time above $60,000. We spent most of it beneath $60,000. Now we’re sort of hanging out above $60,000 and it feels fairly good.”
Bitcoin is buying and selling at $63,220 on the time of writing, about 6% off its file excessive reached over 5 days in the past, based on CoinGecko.
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