Benjamin Cowen Looks Into Bitcoin – BTC Is “Incredibly Bullish”
Benjamin Cowen, a prominent crypto analyst and trader, looked in the price action of the leading crypto asset. He said that Bitcoin looks “incredibly bullish.”
The crypto analyst shared in a recent video to his 566K YouTube subscribers that BTC has accomplished the three things that he think it needs in order to continue the upwards movement.
Bitcoin rallied above the 20-week simple moving average (SMA).
Bitcoin’s chart saw a “golden cross,” which occurs when a short-term moving average crosses above a long-term moving average. The technical pattern is often viewed as an indicator that a breakout may be on the horizon.
Bitcoin hit a higher low
“Once we got above the 20-week, once we had a golden cross, the only other thing left to do for Bitcoin? Hold the damn line.
If you hold the line, what happens? Clear skies ahead.”
At the time of writing Bitcoin is trading at $58,318, according to CoinMarketCap. The leading digital asset is up 3.5% on a daily chart, and 5.9% on the weekly chart.
However, in short term Bitcoin might have corrections, but this shouldn’t scare investors, Cowen says. In the video the analyst identified, $58,000 is the first area of resistance to watch, which Bitcoin has cleared for now. Cowen said that anywhere between $58,000-$65,000 BTC could see resistance.
