“Bitcoin must pass this level for the continuation of the bull market”

Decentrader Co-Founder filbfilb said that Bitcoin’s price action, which has been away from its 20-week moving average (WMA) for a while, continues to confuse investors. The 20 WMA is decisive in whether Bitcoin is in a bull or bear market, according to filbfilb.

Analyst filbfilb thinks that if Bitcoin finds support near $30,000, it could turn into a major resistance that will prevent the 20 WMA from rising.

Filbfilb explained:

“If it goes lower, the possible target would be the $20,000 band or the 78.6 percent retracement level. That’s why this week’s price action is particularly important.”

In the current situation, the analyst suggested that $37,500 must be crossed to prevent BTC from retesting the weekly support.

Filbfilb explained that if Bitcoin surpasses $ 40,000 and clings to this level, the previous support / resistance levels of $ 45,500 and $ 46,500 will be resistance zones that must be crossed.

The analyst thinks that Ether needs to hold on to the $ 2,300 support in order to catch the momentum that will cross $ 3 thousand and test $ 3,300. According to the analyst, this scenario will mostly depend on Bitcoin’s performance.

The opinions and views expressed herein are those of the author alone and do not reflect the views of Cointelegraph. Every investment involves risk. Do your own research before making a decision.

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