Bitcoin is retesting the 200 week moving average. In 2015, 2018/2019, and 2020, the 200 week moving average marked the bottom and a succesful test resulted in a major bullish impulse

Bitcoin is retesting the 200 week moving average (MA). The 200 week MA is perceived as the most important moving average. People might not believe in it, and while it should not have any value, it has a psychological effect, which is why during past cycles, we always held the 200 week MA, as can be seen in the picture below:

(1) Event 1: The 200 week MA marked the bottom during the 2015 bear market. The 200 week MA was tested twice. After that, the price of Bitcoin increased by over 8000% (80x).

(2) Event 2: The 200 week MA marked the bottom in the 2018/2019 bear market. It had to test the 200 week twice. After that, Bitcoin increased 312% (3x).

(3) Event 3: The 200 week MA held during the COVID crash, even if we dipped quite some below it temporarily. After that, we saw a 1140% (11.4x) price increase to make a new ATH during November 2021.

Zoomed out view [200 week MA in purple]

Now the recent times.

(4) Red smiley: We crashed below the 200 week MA during the Luna capitulation and retested it as resistance after that. We actually dipped quite a lot below it during the FTX collapse.

(5) ?: But now, we are trying to retest the 200 week MA as support! If it holds, based on history, we should see a great bullish move. This could take a few weeks and we could dip below it temporarily (again).

Zoomed in view of recent events [200 week MA in purple]

So, what will happen? Yeah no one knows shit about fuck and it could go up, down, yet definitely sideways. But the retest of the 200 week MA is important.