Monday, October 25

Analyst Benjamin Cowen Reveals Key Levels To Watch In Bitcoin (BTC)

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Cryptocurrency analyst Benjamin Cowen outlines key levels for Bitcoin, the world’s largest cryptocurrency in terms of market cap trying to recover $ 40,000.

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In a recent strategy session, Cowen says that while he is generally positive about Bitcoin, it would be in the interest of traders to be prepared for bearish moves in the short term:

“If you don’t consider the downside risk, you’re not doing yourself a favor and coming up with bearish scenarios is not a bad thing. You should consider bearish scenarios. Just “Oh that’s FUD” and “Don’t bother me with FUD. You shouldn’t say, “All I want to hear is that it’s getting higher every day.” “You are not doing yourself a favor. Considering bearish scenarios helps you capitalize on a downtrend if there is one.”

Being ready for a hard downward move can mean taking advantage of the main entry point, Cowen says:

“If you move within certain patterns and say ‘we will never see $20,000 again’, will you be ready to take advantage of this move if we see such a move, or have you shaped your moves towards $60,000 because everyone says it will be $300,000 by the end of the year? Considering the downside risk will likely allow you to have some stablecoins on the side in addition to DCA (dollar cost average) to market if things go wrong.”

The closely-followed analyst draws attention to some important levels to watch out for in Bitcoin, starting with the 50-week moving average, which is about $28,253 at the time of writing:

“50 weeks [hareketli ortalamaya] On the face of it, this seems like an area to look into. This may be the first area to look at it in the event of an ongoing correction. And if we keep going down I wonder how people will say this is still a bull market. I mean, if you’re down 50-60%, you’re definitely experiencing a change in market sentiment…

But 100 weeks is even farther than $18,500, and 200 weeks is much further… At these prices, I don’t think we’re going to go to $12,000 or $13,000. These could be where we go bearish and then continue up and then enter a consolidation phase…

I think we are already in this stage of accumulation or re-accumulation.”

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