BTC tests weekly moving average that caused the latest Crypto bull market

Now that BTC has broken down into the formation of the triangle in which it traded, ending months of consolidation. Crypto analysts are analyzing Bitcoin price charts in hopes of finding clues about what could happen next.

A crypto analyst may have found some evidence that the Bitcoin run is not really over. It is simply resting a significant long-term moving average that after the last bear market. Once it tested again, the real market began bullish that resulted with Bitcoin reaching $ 20,000 per BTC.

100 weeks of Retest moving average on BTC Bull Run

At the end of 2015, just when the 2014-2015 bear market came to an end, Bitcoin separated above the 100-week moving average, then tested it again as a support in early 2016, before becoming parabolic and establishing a new all the times. high to $ 20,000.

When Bitcoin broke $ 6,000 to its bearish low last November, the leading cryptographic asset by market capitalization fell below the 100-week moving average for the first time since 2016.

In April 2019, Bitcoin broke again above the 100-week moving average that had finally fallen below in November. Now, after the triangle breakdown, Bitcoin retests the 100-week moving average as support, and if history repeats itself. If it does so often, Bitcoin could be backed up again by the moving average, and the next true run can start shortly after

Will history repeat itself, or will another moving average fall to Crypto Bears?

According to a chart shared by a leading crypto analyst. It demonstrates how the 100-week moving average acted when the resistance became support in early 2016. Which eventually led to the crypto bubble that put Bitcoin on the map and converted it. In a familiar name.

A closer look at the weekly chart shows that Bitcoin had two weekly candles that bounced off the moving average, giving bulls a glimmer of hope. That the bull market was not over before it really started.

Bears, however, can be comforted by the fact that other crypto analysts have repeatedly cited other moving averages, such as the 200-day moving average. Which act as support throughout the latest bull market. Bitcoin has now closed many consecutive candles below the 200-day moving average and could not claim it as support even after several attempts.

Technical analysts often look for theories and follow them until they become invalid. The idea that the 100-week moving average could act as support is still valid. However, a break below $ 7,700 per week and a full candle close below. The theory can go out the window along with the moving average 200-day propping up enough Bitcoin for a new bullfight