BTC is ready for a “mega moon” rally, but must first overcome this level: Lark Davis
2 min readCrypto trader and influencer Lark Davis thinks BTC is ready to go up steeply. However, it must first exceed one key price range.
Lark Davis and his analysis
Influencer told his 410,000 followers that he was following one important level in which he would decide on the next development in the BTC market. This indicator is the 200-day simple moving average (SMA). Using this moving average, which takes into account the price over the last 200 days, it is trying to determine whether BTC bulls can regain momentum in the market.
Lark Davis states:
“There is one simple line we have to watch out for. This is a 200-day simple moving average. That’s the bull / bear line for me… It’s currently around $ 44,700. This is the line over which the bulls must take control. Until we exceed this limit, we are still technically in a bearish trend. “
To the moon?
Lark Daviis recapitulated this year’s development of the BTC. BTC is in April, it reached values above $ 64,000. Subsequently, the main cryptocurrency went down, and a 54% retracement a month later could potentially be just a massive retest of the $ 29,300 weekly support built earlier this year, according to the trader.
According to Davis, the support test could indicate that BTC could be preparing for a strong increase in its market price. Influencer talks about the “mega moon” rally:
“But what if it was all – what if all those crazy bull runes, all those crazy bear actions – there was just one huge, incredible repeated test of support, which basically means that BTC is preparing for a mega moon rally… We’re going to the moon as soon as we get back 200 days simple moving average. “
Conclusion
Different traders have different methods of deciding whether to consider the market a bull market or a bear market. Lark Davis considers cryptocurrency trader and influencer to be this level 200-day simple moving average (SMA). According to this moving average, BTC is currently under resistance and must currently overcome about $ 44,700 in order to consider a renewed bull trend and an attack on the current ATH. However, if these values could not be exceeded, or the price was even reflected sharply here, this could mean a continuation of the declines.
