BTC Weekly Technical Analysis by Mako Sharks

New week, almost the same opening price. Bitcoin kicks off at 105.7k, after a last week drop to 100k where Bulls stepped in and dragged price all the way back up like nothing ever happened. We dipped, bounced, and ended up right back where we started. Classic crypto cardio. So, what’s next? New highs or nap time? A proper continuation, or just a dead cat with flex? 📉 🕯 📈

For the Bulls and Hopium, two things are key! Avoid any daily close during the week below the daily 55EMA at 101k and PWL at 100.4k; and secure any successful daily close above the PWH at 106.8k and the daily 21SMA at 106.6! If Bitcoin successfully reclaims the 106k zone and the daily 21SMA again as support, it opens the door for a challenge attempt of the current ATH and a potential breakout into new uncharted territory.

However, it's important to note that if the 109k/110k zone rejects the price and the 105k/106k zone provides support, we could see a more boring, choppy consolidation week. What supports the Bulls is the fact that we got a pullback at the start of the month, which leaves room for a positive monthly candle close; still, we should keep in mind that a visit to the 90k zone before a proper continuation isn't entirely off the table. ↗️ 📊 🚀

The only card the Bears can currently play emphasizing the short term, is to secure a successful daily close below the daily 55EMA at 101k and PWL at 100.4k, which would automatically open the door to the 90k zone.

That area currently appears to be the maximum the Bears can achieve, considering the positive confluences we have in that region in the form of the daily 200EMA at 91.9k, the weekly 21SMA at 94.7k, the PML at 93.4k+ key Fibonacci retracement levels. It's also worth noting that the current drop looks like nothing more than a healthy correction in a strong uptrend! 😴 💱 🛍