Famous crypto analyst Benjamin Cowen thinks that Bitcoin (BTC) is in an uptrend.
In the new video he shared, Cowen emphasizes to his 566,000 Youtube followers that Bitcoin has achieved three things it needs to rise.
First, Bitcoin managed to break above the 20-week simple moving average (SMA). Second, Bitcoin’s chart saw a “golden cross” when the short-term moving average broke above the long-term moving average. Looking at the technical pattern, this is an indication that there may be a break on the horizon.
Third, Cowen says that Bitcoin’s support level has risen.
Cowen also argues that Bitcoin may experience corrections in the short term, but this should not intimidate investors. The analyst says that a resistance can be seen between the $58,000 level and the $65,000 level.
Bitcoin is trading at $57,479 at the time of writing, according to CoinMarketCap data.
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