This September Bitcoin move could, according to KOL Benjamin Cowen. determine the strength of the bull market
Prominent analyst Benjamin Cowen says Bitcoin (BTC) will face a vital check in September that might determine the future for Bitcoin’s bull market.
In one Video Newly, Cowen claims that Bitcoin has retested its 20-week shifting common each September since 2016 and can both break or ricochet from there.
“August could possibly be a very good month for Bitcoin. But September is extra fascinating for me, why? Because Bitcoin retests the 20-week shifting common each September for the previous 5 years. “
Cowen mentioned if Bitcoin retests the 20-week shifting common, the response of market contributors may herald BTC price motion over the subsequent a number of months.
“What I feel may occur in September is retest the 20 week MA – if the price bounces off, Bitcoin may proceed to rise in October, November, December and past January third and 4th – which is final Year did. ”
BTC / USD weekly chart | The supply: Benjamin Cowen
Cowen says that whereas the bulls could also be involved a couple of correction to the 20-week MA from now close to $ 43,500, it could possibly be a re-test of the uptrend.
Hence, it will possibly provide an ideal purchase place for these on the sidelines.
BTC / USD weekly chart | Source: Benjamin Cowen
According to Dailyhodl