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

nothing

According to Dailyhodl

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page