BTC Weekly Technical Analysis by Mako Sharks

-Bitcoin open its week at 123.5k! Will we see continuation into a new All Time High (ATH) and price discovery this week or will we get a small rebalance before any potential continuation towards uncharted territory once again?! Bears remain ”silent” as long as Bitcoin trades successfully above 111k ish on a daily closing basis! 🌜 💸 ↗️

Hopium and Bulls have had a beautiful week behind them with an expansion that pushed Bitcoin into a new ATH at 125.6k! The ideal play out for Bulls is to achieve any successful daily close during the week above ATH/Previous Week High (PWH) 125.6k that will propel Bitcoin into new price discovery! However, since Bitcoin is also sitting at resistance 123k/125k and momentum indicators suggest a potential “pause,” we cannot exclude a pullback in which case, if it occurs, Bulls must defend the weekly 21SMA 112k/MayATH 111.9k/Previous Week Low (PWL) 111.6k based on daily closes.

Still, such a pullback should not be seen as a threat but rather as a corrective move before continuation, allowing the market to build a healthier base for another impulsive leg higher! What also plays in favor of Hopium are the 21SMA/55EMA on 1D/2D/3D/5D charts acting as support in the 112k/116k range, potentially serving as a springboard for continuation into a new ATH! 🐂 📊 🚀

Bears once again in ”short sleeves” even though autumn has begun… The only card they can play this week to potentially shake Hopium is to achieve any successful daily close below PWL 111.6k which would very likely lead to a challenge of the 108.7k low and potentially a Lower Low (LL) toward the daily 200EMA and Sell Side Liquidity (SSL) below the July low at 105.1k.

Apart from attempting to secure a daily close below PWL there’s not much more to add, without that Bears remain a ”chamomile” for the time being! BTC/CME didnt print ATH neither on last Friday neither today on weekly open! 🧸 🌸 😴