BTC Weekly TA by Mako Sharks

Bitcoin kicks off its week at 112.2k! A new Lower Low (LL) or Higher High (HH)?! Whose edge will cut sharper in the short term, the Bear claws or the Bull horns? No man’s land between daily MAs and between internal Buy Side Liquidity (BSL) 117.9k / Sell Side Liquidity (SSL) 105.1k. As time passes, it seems the key demand zone may ultimately tip the balance! 📈 📊 📉

Bulls still have a chance before the lower 100k zone, but only if Bitcoin manages to hold above the Previous Week Low (PWL) at 108.7k on a daily closing basis throughout the week! Ideally for Hopium, any successful daily close above the Previous Week High (PWH) at 115.4k would automatically open the door for a new HH against 117.9k and potentially challenge the all time high! Currently, the daily 21SMA & 55EMA are acting as resistance, while the 200EMA is acting as support, pointing to indecision in the market and the potential for a “ping pong” playout.

If Bitcoin confirms the 21SMA/55EMA as resistances and heads down to test the 200EMA, it could easily result in SSL being collected below the July low at 105.1k, since in such a scenario we can expect a wick below the 200EMA. Let me remind you, the lower 100k zone and SSL collection below the July low provide another strong opportunity for Bulls and Hopium, given the positive confluences in that area. 🛒 🚀 🐈

For Bears, nothing changes. This week their only play is a successful daily close below the Previous Week Low (PWL) at 108.7k, which would certainly lead to a new LL against the 107.4k low.

That in turn very likely opens the path to collecting SSL below the July low at 105.1k, as we’ve been pointing out in our analyses for some time now. At that point, Bulls once again get the ball in their hands and the chance for a reversal, given that this is the key demand zone a true “do or die”! 💩 😡 😠