Time To Be Bearish On Bitcoin?
Full analysis
![Time To Be Bearish On Bitcoin?](/content/images/size/w1200/image/fetch/w_1200,h_600,c_fill,f_jpg,q_auto:good,fl_progressive:steep,g_auto/https-3a-2f-2fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com-2fpublic-2fimages-2fcb083e84-aa18-473f-8b8b-5e646403a01e_1880x1256.jpg)
Welcome to the Rekt Capital newsletter, a place for people who want to better navigate the crypto markets with the help of cutting-edge crypto research and unbiased market analysis.
Bitcoin - Failed Retest Attempt
![](https://newsletter.rektcapital.co/content/images/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https-3a-2f-2fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com-2fpublic-2fimages-2fe3bf0131-7764-4a3c-a8fd-c8d94c8e72f1_1880x1256.png)
Bitcoin truly had an opportunity to flip macro bullish.
BTC broke out from the $38000-$43100 range, rallied to the mid-$40000s and pulled back into the $43100 for an apparent retest attempt.
However, BTC failed to retest this previous resistance of $43100 into new support because BTC Weekly Candle Closed sub $43100.
Since this Weekly Close, BTC has been declining.
Price has re-established itself inside the $38000-$43100 that BTC had broken out from just weeks prior.
The failed retest also means that price had failed to retest the Ascending Triangle price had broken out from:
![](https://newsletter.rektcapital.co/content/images/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https-3a-2f-2fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com-2fpublic-2fimages-2fdc309ac3-e2be-4ca4-9e75-a1b6f2104ddf_1880x1256.png)
BTC also failed to retest the 111-day Pi Cycle MA as support:
![](https://newsletter.rektcapital.co/content/images/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https-3a-2f-2fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com-2fpublic-2fimages-2f90ff7ff0-b63b-4b4c-a4d0-f76d67b561f3_1880x1256.png)
And lastly - price failed to reclaim two key Bull Market EMAs as support, the green 21-week and blue 50-week EMAs:
![](https://newsletter.rektcapital.co/content/images/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https-3a-2f-2fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com-2fpublic-2fimages-2f883f17ac-5853-43c8-83d3-392a805e6846_1880x1256.png)
All of these indicators were pointing to a confluent area for Bitcoin and price wasn’t able to flip this region into one of new support.
Now because BTC lost the $43100 level - the ~$38000 region could be revisited, mainly because that is where the price point denoting the macro black Higher Low resides:
![](https://newsletter.rektcapital.co/content/images/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https-3a-2f-2fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com-2fpublic-2fimages-2fcb083e84-aa18-473f-8b8b-5e646403a01e_1880x1256.png)
Would losing this Higher Low signal the end of the Bull Market?
Technically, price is still inside a $28000-$69000 range.
And while the Higher Low is a valuable indicator of bull-side momentum, the main region to signal the end of a Bull Market would be the loss of the green macro Range Low at $28000.
Because at this time, it can be argued that price is in a Re-Accumulation Range but losing the green Range Low area would actually speak more to a Distribution Range.