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.
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