BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 65.7k! February BTC opened impulsively and volatile and finished it with a chop range full of tension and uncertainty! Considering these sad and chaotic events in the Middle East, there is a big chance that March also starts impulsively and reflects negatively and volatile on the cryptoverse short term and serves Bears as a catalyst to start testing the 50k zone in which Bulls would potentially find that little trace of Hopium, looking for a more significant bounce and bear market rally! 🕊 😎 🕊

Bulls and Hobbits still can’t find that trace of Hopium in caves of Gollum, still searching for it as Gollum searching for a ring! Last week it turned out that the daily 21SMA at 67.1k is insurmountable and still acts as rejectionable rather than supportive which can influence more sell pressure to fight with, for Bulls the reclaim is crucial! Reclaim of the daily 21SMA at 67.1k leads BTC into expansion towards Previous Week High (PWH) 70k above which where a successful daily close is a key for a potential continuation towards 74k/75k! Ideal for Bulls and Hopium is to stay above Previous Week Low (PWL) 62.5k on the basis of daily closes in order to extend the current consolidation and chop and eventually give the 60k zone another week of chance! 😐 👀 🌛

For Bears also without any changes… Ideal is to keep BTC below PWH 70k/daily 21SMA 67.1k/weekly 200EMA at 68.5k on the basis of daily closes which would with unfortunately this war additionally tighten the noose around the neck of Bulls. For opening the gates of Mordor for Bears and Nazgûls it is crucial to get a break below February low 60.1k followed by a successful daily close below which is at the same time a new confirmation and continuation of the given trend! 🌩 😈 🔵