BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its new week at 113.5k after recently dipping slightly below 111.9k, slowing down the current trend a bit! Are the Bulls strong enough and sharp horned to defend the 100k level and continue the trend, or will the Bears potentially seize this small moment of weakness and try to gain momentum. 🐻 🥊 🐂

Bulls have unfortunately weakened a bit, and Bitcoin tapped below the 111.9k support, which increases the likelihood of a drop toward PML 105.1k, the daily 200EMA at 103.9k, and the weekly 21SMA at 105.2k, though this does not mean that Hopium is extinguished! The lower/mid 100k zone is ideal for a smaller consolidation and a potential relaunch toward a new ATH.

For Bulls and Hopium, it is crucial not to lose the 100k level as support, while ideally securing a successful daily close above the Previous Week High at 117.6k, as well as reclaiming the daily 55EMA 116.4k and 21SMA 116.5k back into support as a potential springboard for a solid bounce. It’s worth noting that the recent move from 111.9k up to 117.5k ultimately confirmed bearish order flow, making the Bulls’ main task to defend 100k. 🛡 🟢 🚀

The Bears are still far from their moment to shine, but they are now getting a chance in the short term to slightly slow down Hopium in the form of a drop into the 100k zone and consolidation, given the strong supportive confluence levels that can serve as an excellent springboard for trend continuation. Ideally and crucially for the Bears, the goal is to force a loss of the 100k zone as support, which would shake both Bitcoin and Hopium and potentially push the price down into the 90k zone, if not lower. ☄️ 📉 📊