BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 111.1k! Price continues at the same pace following the bearish order flow (LH-LL/LH-LL) with the PWH/PWL range tightening which further increases the tension! Uncertainty remains ever present as we approach resolution, Bears are dreaming of invalidating the 100k zone while Bulls are anxiously waiting for their moment to potentially take momentum back into their hands! One thing is certain, volatility is hiding just around the corner! 🌩 ⁉️ 🚀

Bulls and Hopium remain in a weaker short term position, but all eyes and hopes are fixed on the lower 100k zone! Considering the past 2 weeks it is very likely to expect price in the lower 100k zone given the internal SSL below the July low 105.1k and other confluences.

Yes there is still a chance for Bulls in the short term, though less likely, and for that we need a successful daily closure above Previous Week High 113.3k which would also flip the daily 21SMA & 55EMA back into support and open the way for further expansion, aligning with the Hopium idea of support from the weekly 21SMA which for now has provided short term support but no guarantee it will hold. Personally I expect price to reach the lower 100k zone and see a positive reaction from there at least short term given that the 100k zone is a strong demand zone with multiple supportive confluences such as the 0.382 Fibb retracement level, daily 200EMA, bOB etc. Either way the main task for Bulls remains the same, defend the 100k zone! ⏱ 📊 🐂

We still have an active bearish order flow given that last week we got a new LL 107.3k/LH 113.3k which means Bears still have the upper hand and the probability of a drop into the lower 100k zone is becoming more likely with the daily 200EMA 104.6k moving closer to the July low 105.1k which gives a strong indication that price will most likely go for the internal SSL with a wick below.

Also worth noting is the fact that we now have a fresh valid bearish silver cross on the daily (21SMA crossing below 55EMA). For a complete Bearish rhapsody and a full slow down of Hopium a dive into the 90k zone would be needed, but that will require a strong catalyst considering the already mentioned positive confluences in the lower 100k zone. 🔪 ⛔️ 🐻