BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 70.3k! After a sharp monthly open, can we expect a slowdown on the basis of a wider range that could create some kind of positive bounce/sideways vibe?! Can the Bulls get their modest 5 minutes and at least briefly spark a small flame of Hopium, or will they get that chance from an even lower zone?! February started as a banger, that’s for sure! 📉 🔴 😳

A small flame of hopium is still flickering! As Bitcoin sharply and deeply dived all the way down to the monthly 55EMA 62.9k, it left behind a wide Previous Week High (PWH) 79.3k / Previous Week Low (PWL) 60.1k range. This opens up a small opportunity for Bulls for some kind of bounce or sideways environment, considering the drastic ~52% drop into the zone from which the expansion towards ATH/PYH 126.2k was created. Ideally for Bulls, getting any successful daily close above PWH 79.3k / November low ’24 at 80.6k would significantly improve their position, potentially pushing price at most towards the year open at 87.4k, as every corrective bear bounce will face sell pressure. Crucial for Bulls is to defend PWL 60.1k on a daily close basis and to remain above the weekly 200EMA 68.5k throughout the week. 🙏 🐈 🥵

And so the Bears, riding on the wings of the Nazgûls, chased the Bulls and Hobbits into Gollum’s caves, deep below Goblin Town, thus fulfilling their second mission by throwing Bitcoin into the depths of the 60k zone! Bears remain in full control and continue their domination as long as Bitcoin trades below 100k, with every new bounce creating a potentially good new short opportunity. Bulls have quite a few significant obstacles ahead of them in the form of resistance from the daily 200EMA 95.7k up to the weekly and monthly 21SMA 95k/88.6k, which for now act as the strongest assets of the Bears. Ideal for Bears is to stay below 80k on a daily close basis, thereby maintaining psychological pressure on price. Any successful daily close below the monthly 55EMA 62.9k and PWL 60.1k will very likely push Bitcoin one level lower into the 50k zone, somewhere roughly around 55k/52k. ✅ ✅ 🧸