#BTC
Bitcoin went for the post-breakout retest of the 200-week EMA
But here's what interesting - technically, price Weekly Closed below the EMA
That means that price technically kickstarted a breakdown from the EMA
So if the 200-week EMA is lost as support this week and price Weekly Closes below it again, Bitcoin could actually turn the EMA into new resistance
Given this latest Weekly Close, there is therefore scope for another dip into the 200-week EMA for another retest to see if BTC can solidify a reclaim into support
But the overall suspicion has become confirmed:
The 200-week EMA is acting as both an unreliable resistance and an unreliable support, never truly confirming a clear role
Which thus could lend itself to further meandering in and around here before ultimately breaking down into additional Macro Downside over time
$BTC #Crypto #Bitcoin
Rekt Capital
@rektcapital
03-17
#BTC
Bitcoin is starting to show signs of be going against the grain of history by successfully Weekly Closing above the 200-week EMA (black)
However, Bitcoin would need to successfully post-breakout retest the 200-week EMA into new support to actually fully confirm this x.com/rektcapital/st…
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#BTC #Crypto #Bitcoin
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