Key Indicators Support the Bull Case for Bitcoin

#crypto #bitcoin #bullish

$BTC

"A respected analyst says Key indicators show that Bitcoin (BTC) bulls are in a solid position to take control of the market"--Paul Ebeling

In a new strategy session, Ben Cowen tells his 762,000 YouTube subscribers that Bitcoin is trading in its “lower logarithmic regression band,” which he says is a “point for the bulls.”

He notes that when Bitcoin trades below the 50-wk MA, “it’s usually only a matter of time” before BTC plunges below the 100-wk MA and then the 200-wk MA

Bitcoin recently did that, dropping all the way below the 200-wk MA, which usually indicates the Top crypto asset has reached its market cycle bottom.

“If you just throw out all the noise out there in terms of the macro stuff and just say, ‘Look X, Y, and then Z. It’s happened not once, not twice, not three times, but now it’s happened four times. That’s a point for the bulls.” 

Additionally, Mr.Cowen says there have only been 3Xs in history when the 20-wk MA has crossed below the 100-wk MA: in Ys 2015, 2018 and just recently. The previous 2 crossings corresponded to the market cycle bottoms.

BTC is trading at $23,788 at time of writing. The top-ranked crypto asset by market cap is up nearly 2% in the past 24 hrs

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Have a prosperous day, Keep the Faith!