Bitcoin Trader Explains Why It's Critical for BTC Price to Stay Above $8,500

Bitcoin Trader Explains Why It's Critical for BTC Price to Stay Above $8,500

By Tokenhell.com | Tokenhell | 28 Feb 2020


While some bulls decided to switch sides due to the burtal crypto market sell-off, crypto trader and analyst Carl Eric Martin (a.k.a. 'The Moon') believes that this is simply a correction within a bullish uptrend.

However, Bitcoin falling below its 20-week moving average would force him to change his bias as well.

Also Read: Singapore’s Court of Appeal Ordered Crypto Exchange Quoine to Pay Damages for Reversing Seven Transactions

One line that rules the roost  

On Feb. 27, the Bitcoin price plunged to $8,520 before bouncing back to $8,973 due to mounting buying pressure. 

In his new video, Martin explains that the 20-week MA that BTC briefly touched earlier today has been acting as a very important level for Bitcoin over the past two years. After taking a look at this chart, one can see that this line clearly shows whether or not the orange coin in a bull market. 

Hence, BTC dropping below this widely-tracked average would most definitely put the bears back in the driver's seat. 

BTC price weeklyimage by youtube.com

BTC is still in a bull trend

Christopher Jaszczynski, the founder of MMCrypto, is also not deterred by the recent pullback. In a recently published video, he says that BTC hasn't exited its bullish trend.   

Also Read: Price of Bitcoin Drops After $150 Million Liquidated on BitMEX

Jaszczynski also points to the fact that BTC would test the 21-week MA on multiple times during the previous bull run. Now, it's highly important for Bitcoin not to close below it on the weekly chart. 

If BTC cannot hold its 50.0 percent Fibonacci retracement level at $8,460, it will probably drop 38.2 percent level at $7,979, but Jaszczynski doesn't think that this will be the case.   

Also Read: Stablecoins Have Fascinated Wall Street Investors as Stable Digital Assets

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Tokenhell
Tokenhell

Tokehell is a Google News Approved Blockchain & Crypto News Agency Where You Can Discover News About Cryptocoins, Technical analysis, Blockchain Events, Coin Prices Marketcap And Detailed Reviews on ICOs, IEOs. STOs.

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