Crypto analyst Benjamin Cowen is discussing how Bitcoin can avoid hitting a massively bearish technical indicator.
In a new strategy session, Cowen explains how Bitcoin may be able to steer clear of the “death cross,” or the crossing of the 50 and 200-day moving averages, a move that is generally accepted as a hugely bearish signal for any asset.
As the BTC/USD chart stands, the two moving averages are sloping toward each other and hinting at a potential cross in the coming weeks. According to the closely-followed trader, Bitcoin would need to move up an average of $800 every day in June to prevent the death cross from playing out.
“Even going up $300 a day on average, we’re still going to get a death cross. $400 a day, we still get a death cross. $500 a day, we still get a death cross. $600 a day we still get a death cross.
The way to avoid the