It’s been revealed that crypto trader and influencer Lark Davis believes that Bitcoin is ready to rally once it goes above a key price area.
During a new strategy session, he said that he’s got his eye on the 200-day simple moving average (SMA) to determine whether Bitcoin bulls can recapture momentum in the market.
Here’s what he had to say:
“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.”
He also seems to believe that Bitcoin’s run above $64,000 in April and its subsequent 54% retracement a month later could potentially just be a massive retest of weekly support at $29,300 – just in case you don’t know, this was built earlier this year.
Bitcoin could be gearing up for a strong surge
According to him, this support retest could show the fact that Bitcoin might be gearing up for a strong surge.
“But what if all of this – what if all this crazy run-up, all this crazy bearish action – has simply been one massive, incredible retest of support, which essentially means that Bitcoin is getting primed for a mega moon rally… We going to the moon once we reclaim the 200-day [simple] moving average,” he said.
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $40,714.43.
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