Since breaking the 50,000 support whenever BTC rallied it kept on getting rejected by the 89ema
The times it managed to get above it, upon every retest it broke back down
As we speak the 89ema is around 17,800, not far from here.
Breaking it would not be enough, every break upwards was immediately followed by a strong rejection.
So it is vital to see a break, a retrace and a bounce from it in order to see some bullish continuation.
This would indeed be interesting for bulls, as we did not see reclaims of key MA/EMAs since the beginning of the bear market.
That would indeed mark a new key resistance/target which is the 200ema - currently around 21,000.
By no means is bitcoin out of the woods yet, we didn't even reach the 89ema.
Not to mention breaking it, retracing and bouncing from it - but im simply sharing one validation point that I am keeping under the radar.
Above it, things will get real fun and degenerate.
You can also add this indicator to your @tradingview it's called "YellowBlock Cloud"
A simple combination of the 21, 89 and 200emathis twitter thread.