According to KOL Benjamin Cowen, Bitcoin will continue its rally if it stays above this key level

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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