A crypto analyst who is known for accurately invoking Bitcoin’s pre-numbing correction last year believes that BTC should reclaim an important technical indicator as support to regain the Bullish Momentum.
Pseudonymous Crypto -Strategist Rekt Tapital tells its 542,600 followers on the social media platform X that BTC seems to reflect its price action in 2021 when Bitcoin consolidated between two important exponential advanced agents (EMAs) on the weekly map.
According to Rekt, Bitcoin must transfer The EMA of 21 weeks to support the resumption of the bullish price action.
“Earlier this week, Bitcoin of the 21-week EMA resistance (Green) rejected.
As a result, Bitcoin continues to consolidate between these two Bullmarkt EMAs, just like mid -2021.
Nevertheless, for the future, the most important mounting signal for a breakout will be a weekly close to the green EMA, followed by a retest after the outbreaks in new support (light blue circle). “
At the time of writing, Bitcoin acts for $ 82,536.
Looking at the Altcoin market, the trader says he expected Alts to continue to chase Bitcoin based on the BTC Dominance (BTC.D) graph, which follows how much of the total crypto market capitalization belongs to the Digital Activum flagship.
According to Rekt, BTC.D could achieve a crucial resistance level that has remained intact since 2017 before it loses steam. As soon as that happens, that a real Altcoin season stretches will flourish.
“BTC dominance.
If history repeats itself, the real Altesean that everyone is waiting for would start as soon as Bitcoin Dominance rejects from 71% (red). “
A bearish btc.d graph suggests that altcoins grow in value faster than bitcoin. At the time of writing, BTC.D floats at 62.26%.
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Generated image: midjourney