Stock Market Hinting at a Bitcoin Reversal? Crypto Analyst Benjamin Cowen Looks at Under-the-Radar Price Action – Coin-News24.com

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A carefully adopted crypto analyst is assessing how the inventory market will influence the worth of Bitcoin (BTC) transferring ahead, as the highest crypto asset begins to interrupt its correlation with international markets.

In a brand new technique session, Benjamin Cowen tells his 716,000 YouTube subscribers that whereas he expects the inventory market to have a major influence on the worth motion of crypto belongings, he highlights a brand new growth that bodes effectively for Bitcoin.

“One of many issues that I feel will most likely dictate what crypto does to some extent is the inventory market. What are the S&P and Nasdaq doing? What’s attention-grabbing to me is that the Nasdaq put in a decrease low, however Bitcoin didn’t.

I feel that appears fairly good for Bitcoin.”

Trying nearer on the correlation between Bitcoin and the inventory market, Cowen reveals a chart that divides BTC by the Nasdaq. Primarily based on Cowen’s evaluation, he expects BTC to steadily outperform the Nasdaq within the coming weeks.

“Bitcoin goes by these bullish phases in opposition to the Nasdaq in addition to bearish phases.

Proper now, we’re kind of on the backside of this line, so hopefully, we’ll come again as much as the highest.”

The analyst can be retaining a detailed watch on Bitcoin’s bull market help band, a technical indicator that mixes BTC’s 20-week easy transferring common (SMA) and 21-week exponential transferring common (EMA).

Based on Cowen, merchants ought to monitor the efficiency of Bitcoin relative to the bull market help band as it may be a sign for altcoins to begin rallying.

“The rationale I care about it’s as a result of we all know that the altcoin market behaves in another way once we’re above it or beneath it. It doesn’t matter the place it’s, is the factor.

When Bitcoin was above it again in the summertime of 2020, lots of people made some huge cash. We had been watching all kinds of altcoins simply go flying off the rails.

Individuals nonetheless made some huge cash though Bitcoin was solely $10,000. Why? As a result of it was above the bull market help band. When it’s beneath it, not loads of altcoins did a lot.”

BTC’s bull market help band is presently hovering round $47,000. At time of writing, Bitcoin is buying and selling at $44,109.

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