YouTube bitcoin and crypto price analyst Benjamin Cowen yesterday released a new video examining the BTC 20-week moving average (20MA) as a macro-level market indicator. What does it say?
Bitcoin Price: Support or Resistance
Based on historical data, when the 20MA is acting as support for BTC price, Bitcoin has tended to be in an extended bull market. Conversely, the times that 20MA has acted as resistance against the upward movement in Bitcoin price, have been during bear markets.
In the last market cycle, the Bitcoin price broke above the 20MA in June 2015. However, it didn’t stay above this level, until 33 weeks later in February 2016, thereafter creating support.
In this present cycle, we first broke above the 20MA in March 2019. We stayed above this level without needing it as support for about 26 weeks, then dipped back…
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