BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off the week at 88.2k! There is still no smell of Christmas and cinnamon in the air, but a new low is starting to stink. Bears are slowly extinguishing hype and Hopium while hovering over the cryptoverse on the wings of the Nazgûl, as Bulls stand on thin ice hoping to defend the monthly 21SMA at 87.6k and the November low at 80.6k. Is there still hope left for Hopium, or is the Grinch coming to crown the Bears by the end of the year! 🚗 🍭 🎩

-Bulls are going deeper and deeper into the caves as the flame of Hopium continues to fade. Bulls are in trouble, after being rejected last week from the same resistance levels and with Sunday’s loss of the daily 21SMA as support. A less likely but ideal scenario for Bulls would be to defend the November low at 80.6k, but the crucial scenario is to defend the April low at 74.4k, which currently stands as the last line in the sand separating price from the weekly 200EMA located around the old 2021 ATH zone at 67.3k/68.9k. Conditions for a narrative flip are becoming increasingly difficult for Bulls, and for every lost support there remains an insurmountable resistance for now. The first positive signal would be a successful daily close above the Previous Week High (PWH) at 94.6k or at least reclaim of daily 21SMA 90.4k, meanwhile every small upside rally below that level is just another gift for the Bears and the Nazgûls. 🥶 ☕️ 🥶

-Bears would say everything is going according to plan… the Cryptoverse remains under siege by the Nazgûls and the other forces of darkness. Ideally for Bears, a breakout followed by a daily close below the November low at 80.6k would open the door to the 70k zone, where for full capitulation it becomes crucial to break the April low at 74.4k. In the meantime, as long as Bitcoin trades below PWH 94.6k on a daily close basis, every minor bounce remains a good opportunity for shorts. ⛔️ ⚠️ 🧸