It is a truth universally acknowledged that a cryptocurrency in possession of a downtrend must be in want of a breakout. Such is the case with Bitcoin (BTC), as proclaimed by the esteemed crypto analyst, Rekt Capital, whose insights are as eagerly followed as the latest gossip in Meryton.
With a following of 543,000 on the social media platform X, the pseudonymous analyst has declared that BTC is on the precipice of a significant breakout, having recently closed above a downward resistance line. One might say it is the equivalent of Mr. Darcy finally acknowledging his feelings for Elizabeth Bennet—long overdue but utterly transformative.
Says the trader, with the gravitas of a Regency-era gentleman,
“Bitcoin is on the cusp of a breakout.
Mere hours away from performing the initial but crucial steps towards fully confirming a breakout beyond the multi-month Downtrend.
And when BTC breaks a technical downtrend…
BTC enters a new technical uptrend.”
Zooming out to the weekly chart, Rekt Capital observes that BTC must ascend above a critical exponential moving average (EMA) to bolster its chances of a sustained rally. One might liken this to the necessity of a proper introduction at a ball—without it, the dance cannot begin.
“Bitcoin is slowly approaching the 21-week EMA resistance (green).
Price will need a Weekly Close above ~$86,900 Sunday/Monday midnight UTC to position itself for a breakout from the triangular pattern formed by these two Bull Market EMAs.”
At the time of writing, Bitcoin is trading at $84,463—a sum that would surely make even Lady Catherine de Bourgh raise an eyebrow.
Turning to Ethereum (ETH), the second most prominent digital asset, Rekt Capital asserts that ETH must maintain its current price range to have any hope of replicating its 2023-style rally. One might say it is akin to a young lady’s reputation—once lost, it is exceedingly difficult to restore.
“After losing its black-black Macro Range ($2,196-$3,900), Ethereum dropped right into the historical demand area below (light blue).
Since then, Ethereum upside wicked into the top of the light blue box, turning the top of the box into new resistance, like in 2023 (red circle).
More, ETH recently downside wicked below this box, potentially holding the bottom of the box as support.
ETH needs to hold the bottom of the light blue historical demand area if it wants to position itself for a repeat of mid-2023 history (green circle).”
At the time of writing, ETH is trading at $1,595—a modest sum, to be sure, but one that could yet lead to a most advantageous match. 🤑
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2025-04-14 17:42