Benjamin Cowen, a popular Bitcoin and altcoin analyst, conveyed his expectations for Bitcoin in a new video he shared on Youtube, where he has close to 750 thousand subscribers. Cowen said he doesn’t expect to rise for a certain period of time, until the fall. Here are the details…
Cowen: Bitcoin investors may be disappointed until fall
Benjamin Cowen, explaining his methodology before revealing his expectations, Heikin-Ashi candles while analyzing Bitcoin (BTC) He said he prefers to use Because according to him, the metric tells a more comprehensive story about price action by including data from the previous two candles. According to the analyst, Heikin-Ashi candles take into account not only the opening and closing, but also the highs and lows, and stick to the candles that came before them.
Therefore, it is seen as a more useful way to measure the momentum of the market. Cowen suggests that with BTC’s chart behavior over the past few bear cycles, investors could see disappointing numbers until this fall, adding:
This is why I’m saying people should be prepared for the ongoing bear market. If history is any indication, we know that the 200-day moving average starting to remain as resistance is a pretty good indicator of a bear market.
What is expected in the coming period? As
Kriptokoin.com , according to his comments on BTC, which has been falling sharply in recent weeks, the analyst has repeatedly stated that since its inception in 2011, 3-month candles have been in succession throughout the life of Bitcoin. He talks about the times when it exhibits a red candle pattern and uses the following expressions:
Now this is very interesting because if you look at the quarterly Heikin-Ashi, there are periods when three, four or two red candles are displayed in a row. So if you divide the average of all 13 charts by four, the average is just over three. So you could argue that the quarters where these are expected to stay red will be just over three, so even the next quarter could still come up red. The funny thing is, the next quarter may be a green quarter but Heikin-Ashi may still be red because it only carries the momentum of the previous quarter, so you have to remember that.
