Popular crypto strategist Kevin Svenson says he uses an overlooked metric with a solid history to determine Bitcoin (BTC)’s next move. Here are the claims of the famous analyst about the leading cryptocurrency…
The analyst talks about an indicator that is very important for Bitcoin
Famous analyst Kevin Svenson told his followers that the 128-day simple moving average (SMA) has been the last five years of Bitcoin. It has proven reliable in showing its movements over the years. According to the analyst, the 128-day SMA has been known as one of the best moving average indicators to use for years. His analyst states that Bitcoin reached the SMA as the support line many times during the 2017 bull run.
According to Svenson, this metric, which is actually seen as a bear market sign, adds that Bitcoin (BTC) uses it as resistance. Having risen above this support line in the 2019 bull run, Bitcoin also caught the crash in 2019 perfectly, constantly calling for big supports, big scatters, big breaks. Since BTC is above the 128-day SMA, the analyst says that as long as Bitcoin can hold the line, it will be sent in an uptrend.
What are the levels to watch in Bitcoin?
The widely followed crypto analyst tells his Twitter followers that despite BTC’s rally last month, investor sentiment is somewhat skeptical about the viability of the uptrend. Regarding the recent rally of the leading cryptocurrency Bitcoin (BTC), Svenson uses the following statements:
Market psychology shows that we are currently in a ‘not believing’ rally (ie not believing in an uptrend). Of course, there are never any guarantees in a market. If we fall below this breakout zone, we may find ourselves in “downtrend denial.” As
Kriptokoin.com, we follow the price movements closely, and Bitcoin is trading at $ 45,842, rising a little during the day. On the other hand, the leading cryptocurrency reached a monthly high of $47,825 on March 29. Additionally, Svenson says that in light of Bitcoin holding the 128-day SMA support resistance line, the next challenge is to retrace the 200-day $48,300 resistance price.
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