Bitcoin Price Analysis and Warning by Analyst Benjamin Cowen
- Market Trend Warning: Analyst Benjamin Cowen highlights that Bitcoin's current price movements resemble the cycles of the US midterm election years in 2018 and 2022, warning that despite a rebound to $77,000 after hitting a low of $60,000 in February, there may be downside risks in the coming weeks.
- Time-Based Capitulation Risk: Cowen emphasizes that in the current market environment, time-based capitulation is more significant than price declines, predicting that Bitcoin could reach a local peak at the end of April, followed by a decline in early May, mirroring the trends seen in 2018.
- Key Resistance Level Analysis: Bitcoin is currently facing resistance at the 100-day moving average, and if this level is breached, the next major resistance point is expected to be the 200-day moving average, which could significantly impact market sentiment.
- Stablecoin Dominance: Cowen notes that tracking the dominance of USDT and USDC is crucial for understanding market direction, with stablecoin dominance finding support at the 100-day moving average, indicating that investors are still inclined to move risky assets into cash.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 5 indicators are flashing buy, while 2 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 69437.164 | 72744.082 | 75766.164 | 79073.082 | 82095.164 | 85402.082 | 88424.164 |
| Fibonacci | 72744.082 | 75161.76 | 76655.404 | 79073.082 | 81490.76 | 82984.404 | 85402.082 |
About BTC
About the author
