BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 82.2k! We are entering the middle of the month and we can almost say that first half of May have been bullish, putting Bulls in a do or die position! The daily 200SMA and the 80k zone as such have so far acted as resistance and will very likely define the further direction for BTC and crypto space! Can Bulls find the needed momentum and reclaim the 80k zone or will Bears coldly kill the Hopium and use this moment of hesitation?! 🚀 ⏱ 📉

Conditions for Bulls and Hopium are crystal clear: reclaim the 80k zone and the daily 200SMA 82.6k, or go home! The ideal scenario for Bulls would be a successful daily close above the 200SMA 82.6k and the Previous Week High (PWH) at 82.4k, which would open the doors for a potential retest of the weekly 55EMA 85.5k and the year open at 87.4k as the next major resistance. Crucial for Hopium is staying above the March high 76k, daily 55EMA, and weekly 21SMA 78.9k on a daily closing basis throughout the week otherwise, Bears will steal the show once again… 🍷 🪂🌜

Bears continue to patiently lurk from the shadows… So far the first half of May has been bullish, but it could easily be the introduction to a classic sell in May and go away scenario! If we look at the monthly chart, the May candle could easily end up as a shooting star candle till the end of May. Ideal scenario for Bears is keeping BTC below the PWH 82.8k and daily 200SMA 82.6k on a daily closing basis, while losing support in the mid 70k zone remains crucial for triggering a new leg down and potential challenge of range low/November low 60.8k! 😚 〽️ 😇