BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 94.2k! The upcoming reaction from this critical zone will be decisive in shaping Bitcoin’s next major direction and the key question remains can the Bulls reignite the spark of Hopium and bring renewed optimism back into the crypto market or will the Bears assert their dominance and push the price even lower?! This moment will either mark the beginning of a larger accumulation phase that lays the groundwork for a potential recovery or signal the continuation of a deeper corrective move.📉 🕯 😴

Everything the Bulls needed to avoid last week unfortunately came back to haunt them and Bitcoin has dropped into the 90k zone! Can the 90k zone once again act as a “structural base” and stabilize the price and potentially form a Higher Low roughly in the current zone compared to the April low at 74.4k?!

Ideally for Bulls and Hopium is to get any successful daily close above Previous Week High 107.4k and at the same time reclaim the daily 200EMA but standing in their way are the weekly 55EMA 99.8k, the July low 105.1k and the October low 103.6k which currently acts as the nearest barrier preventing upward continuation. Crucial for Bulls and Hopium is to preserve the 90k zone as support and remain above it on a daily closing basis because “the Nazgûls have already begun circling” and otherwise Bitcoin sinks deeper into the depths of “Mordor”. 😡 🐈 🟢

Bears on the wings of the Nazgûls ! They have wiped out all key levels from the daily MA lines and the weekly ones (21SMA 112.1k/55EMA 98.9k) and everything is now in the Bears’ hands! The only mission is to overthrow the 90k zone as support and if the Bulls fail to defend it the next support lies much “deeper” in the ”Goblin town” AKA lower 80k zone.

As long as Bitcoin trades below the weekly 55EMA 98.9k and the daily 200EMA 107.4k on a daily closing basis the Bears and the Saruman army are in dominant control of the situation! 🔪 🌩 😂