Last week we wrote about yet another failed attempt by Bitcoin (BTCUSD) to finish the week above its 9-week EMA line, which acted as the best respected body resistance line since November 2021.
Well, last week Bitcoin was finally able to win the battle against the resistance line. BTCUSD closed the week at $41,247.82, leaving the 9-week EMA behind at $39,369.89.
The new best respected body resistance line is now the 12-week EMA, registered December 2021.
The best respected wick resistance line remained the same: the 17-week SMA @ $43,474.46.
Pushing the resistance line up and forward demonstrates price action strength.
