BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 93.6k! Bulls have shown their horns, but they might end up losing them. Tension keeps rising and the moment of resolution is getting closer. A break above 100k or a dive below 90k?! Can Bulls confirm the recent momentum, or will this end up as a ”la trapa?!” Let’s dive into the new week together! 🐂 🔪 🐻

Bitcoin remains within the framework of the previous analysis, essentially unchanged, but with a small positive shift that increases the likelihood of one more minor move to the upside before a final decision. Last week, Bitcoin skipped the 98.3k ’24 June low “kiss” and printed a Previous Week High (PWH) at 97.9k, which leaves Bulls some room for an upward move toward the daily 200EMA at 99.4k. For a true trend reversal, Bulls still need a clean reclaim of the ’24 year high at 108.2k.

For now, the mission is to secure a successful daily close above the weekly 55EMA at 96.3k and the daily 200EMA at 90.4k, while it is crucial not to lose the Previous Week Low (PWL) at 90k on a daily closing basis. Ideally for Bulls and Hopium, price should hold around the daily 55EMA at 92.7k and the 21SMA at 92k on a pullback, as these levels are currently acting as last support before “gates of Mordor open…” ✅ 🦄 🎆

Without major or general changes, Bears and the Nazgûls remain confident as long as Bitcoin trades below the ’24 year high at 108.2k on a daily closing basis, while it is also preferable for them to keep Bitcoin below the weekly 21SMA 100.9k and the 103k area if further expansion occurs.

The ideal scenario is to secure any daily close during the week below the PWL at 90k, which would almost certainly push Bitcoin back into the 80k zone, where the situation for the Bulls becomes very fragile again, as the probability of holding price above the year open at 87.4k is very low, just as low as the chances of defending the ’24 November low at 80.6k in that scenario. 🧸 💵 📉