The renowned analyst Benjamin Cowen is describe The key price zone Bitcoin must hold to maintain its bullish momentum.

“If you look at historical data, the support band ($ 42,000- $ 43,000) formed by the 20-week EMA and SMA is one place where bitcoin is often retested after a breakout. So if the price shows up from here it will confirm that Bitcoin had a retest of the support band during the bull market and happened to coincide with the horizontal support zone.

Weekly BTC / USDT Chart | Source: Benjamin Cowen

The analyst says the rally will continue if BTC does. But even if Bitcoin breaks out of key support, Cowen says that Bitcoin simply takes a little more time to regain it.

“If Bitcoin holds above the 20-week EMA – SMA, the sky will be clear. If not, it will likely take another 3 months for Bitcoin to get into the race. “

In addition to the 20-week EMA – SMA, which Cowen sees as “bull market support”, the analyst also identifies the 8-week EMA as a possible indicator for the next phase of the bull market.

“If Bitcoin is above the 8-week EMA (red line) on the weekly timeframe, currently at $ 45,200, it could be a really strong sign that Bitcoin is on a different leg like this (BTC moves up from $ 20,000 $ 60,000). and the recent move is only a slight correction and the uptrend should resume soon. “

Weekly BTC / USDT Chart | Source: Benjamin Cowen

You can see the BTC price here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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