Analyst: Bitcoin has reached the long-term downtrend line and the 21-month EMA, breaking through the current resistance line is needed to confirm the bull market

BlockBeats News, August 21st, Crypto analyst Rekt Capital published a Bitcoin technical chart analysis pointing out that Bitcoin is currently facing a macro downtrend resistance line, which aligns with the 21-month EMA.

Rekt Capital believes that if Bitcoin gets rejected in this confluent resistance area, it might find support at the 50-month EMA (purple). Overall, Bitcoin needs to turn these two macro EMAs back into new support levels and break above the macro downtrend line to confirm a new bull market.

Rekt Capital is a senior crypto technical analyst with 560,000 followers on Platform X.