Crypto analyst Rekt Capital said Bitcoin is testing a major macro resistance area where a long-term descending trendline aligns with the 21-month exponential moving average, according to a chart analysis published on Aug. 21. He said that if Bitcoin is rejected at this confluence zone, the 50-month EMA, marked in purple on the chart, could act as support.
In his view, Bitcoin still needs to turn both macro EMAs back into support and break above the broader downtrend line before a new bull market can be confirmed. The call focuses on long-term technical structure rather than a short-term price move.
BlockBeats identified Rekt Capital as a veteran crypto technical analyst. The analyst has 560,000 followers on X, the report said.
Bitcoin is facing resistance at a macro descending trendline that aligns with the 21-month exponential moving average, crypto analyst Rekt Capital said in a chart analysis published on Aug. 21, according to BlockBeats.
Rekt Capital said Bitcoin could find support at the 50-month EMA, marked in purple on the chart, if it gets rejected in this confluence resistance area.
On the bigger picture, he said Bitcoin needs to reclaim both macro EMAs as new support and break through the macro downtrend line before a new bull market can be confirmed.
BlockBeats described Rekt Capital as a veteran crypto technical analyst with 560,000 followers on X.
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