BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kick’s off its new week at 119.4k! Since printing the ATH at 123.1k for the last 2 weeks Bitcoin has been moving in a tight 5/6k range and after a mild drop, found a positive reaction at the daily 21SMA. This week it's looking for a potential breakout and a new All Time High!

Can the Bulls hold the 21SMA at 117.6k as support and in doing so defend the 114k low and potentially look to challenge 123.1k and re-enter uncharted territory, or will the Bears silence the hype & Hopium and send Bitcoin into an August ”ferragosto”/consolidation around pATH 111.9k and the daily 55EMA at 111.8k!?! ☕️ 🕯 😳

For the Bulls and Hopium, the goals are clear! Ideally, holding the daily 21SMA at 117.6k as support and securing any successful daily close above the Previous Week High at 120.2k would lead Bitcoin into a challenge of the ATH at 123.1k and potentially into new price discovery!

It's crucial to defend the Previous Week Low at 114.7k and stay above it on a daily close basis otherwise, Bitcoin will revisit the pATH at 111.9k! Essentially, as long as Bitcoin is trading above the pATH, price action remains within the bounds of a healthy correction.⚡️ 🟢 🚀

For the Bears, it's more or less the same story as last week… The key is securing a successful daily close below the Previous Week Low at 114.7k, which would almost certainly drag Bitcoin into a sharper drop and a test of the pATH at 111.9k and the daily 55EMA 111.8k as both being the next major levels and challenges for the Bears.

However, even if we do dip into the 111k zone, the Bears might not exactly get their moment of glory, as this zone could act as a reliable demand zone, and an eventual breakout above 120k could resume the larger uptrend. Either way… with feet's on the ground, head in the clouds! 🧲 📊 😰