Popular cryptocurrency trader and influencer Lark Davis has revealed he believes the price of bitcoin is “going to the moon” if it manages to retake a key technical area around the 200-day simple moving average.
In a new strategy session, first reported on by Daily Hodl, Davis told his over 400,000 subscribers he believes the flagship cryptocurrency’s price could surge right after the 200-day moving average is retaken, as he believes it would signal a trend reversal.
There’s one simple line we need to keep our eye on. That is the 200-day simple moving average. That’s the bull/bear line for me…That’s currently around $44,700. That’s the line that the bulls need to take control of. Until we cross over that line, we are still technically in a bearish trend.
Davis added that bitcoin’s price rise to a new $64,000 all-time high and subsequent retracement to little under $30,000 could have been a retest of its support near $29,000. IF so, it would indicate “Bitcoin is getting primed for a mega moon rally.”
As reported, in a note technical analyst and founder of Fairlead Strategies Katie Stockton said the flagship cryptocurrency could surge to $51,000 after it clears resistance found at the $43,000 level. Her price target was based on Fibonacci retracement levels.
Stockton noted that bitcoin’s price could face resistance around the $44,600 mark where its 200-day moving average is at. She defended it will move higher after it staged a fake breakdown below the $30,000 mark.
Bitcoin has also recently formed a double-bottom pattern that points to a rally to $44,000, which is where the pattern’s objective and BTC’s 200-day moving average were converging.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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