BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 78.6k! Bulls have kept April green, with BTC finding short term supports throughout the 70k zone after every minor pullback, and now the real test is ahead. Will the Bulls show strength and reclaim the 80k zone, or will the Bears quietly steal the show once again?! Was the green April just an intro into a bloody trap and the old saying sell in May and walk away, or is it actually a positive signal for a continued push towards the year open?! 🐂 🥊 🐻

Hype & Hopium are not lacking! Three consecutive green weeks and heading into the monthly close, BTC finds itself at a crossroads. The only play for Bulls is a successful reclaim of the 80k zone, the daily 200EMA 82.3k and the weekly 21SMA 77k as support, which opens the path towards a test of the Y-open 87.4k and the weekly 55EMA 86.1k as the next key resistance. Without sustained daily closes above Previous Week High (PWH) 79.4k, 80.6k & the daily 200EMA 82.3k, there’s nothing for the Bulls and this needs to happen sooner rather than later! Also, a key detail for Bulls is to stay above Previous Week Low (PWL) 73.7k on a daily closing basis, otherwise Hopium could start to fade fast… 🤟 🐂 😣

Bears’ coffee break is coming to an end. The broader context remains tilted in their favor, and this green April can still end up as a trap, setting up the classic sell in May and walk away scenario. Ideally for Bears, BTC needs to stay below 80k and secure any clean daily close below PWL 73.7k, which would likely drive price back toward the weekly 200EMA at 68.7k and put the 70k zone under pressure. ☺️ ☕️ 🛠