BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 78.5k! Start of May is positive, but can the monthly close follow through as well?! The overall trend remains unchanged, but Bulls have their window of opportunity if a few things align, while Bears remain passive and relaxed despite the hype & Hopium fueled by recent price action! Market is giving mixed signals with wars ongoing, while at the same time we are seeing new higher highs on indices like Nasdaq and S&P500. Who will have the last laugh?! 😕 💻 😳

Bulls are in a great position but need to show their horns sooner rather than later! The key for Bulls is to stay above the daily and weekly 21SMA at 76.7k on a daily closing basis, otherwise price can easily move down to test Previous Week Low (PWL) 74.9k and the daily 55EMA which, if they fail to provide a positive reaction, would compromise this current bullish momentum. Ideally Bulls want to see a breakout above 80k followed by a successful daily closes above Previous Week High (PWH) 79.4k and November low 80.6k which opens the door and gives room for a potential expansion towards year open 87.4k as the real test for the Hopium scenario. 🐂 ⚡️ 🐈

Bears remain in the shadows and quietly waiting, clearly expecting the Nazgûls for continuation… In a previous bear market, after a 50%+ drop, Bitcoin delivered a bear market rally that pushed a bit above 40%, which is a fairly similar situation as today. With a drop slightly above 50%, and a potential this early bear market rally would roughly take price towards the Year Open at 87.4k and weekly 55EMA 85.8k which, if it acts as resistance, could lead Bitcoin into a continuation of bear market (visible on one of the weekly charts). For Bears, it would be ideal to stay below the November low 80.6k on a daily closing basis, but it is crucial to weaken this current bullish momentum with a move towards the 60k zone which could be triggered by any successful daily close below PWL 74.9k and the daily 55EMA 74.4k which would very likely push BTC back towards the 2021 ATH 68.9k and again towards the weekly 200EMA 68.8k! ➖ 🐻 🐾