BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its new week at 117.2k after printing another all time high at 123.1k last week! Bulls are still in control, but a quick dip to prior all time high 111.9k isn’t off the table before pressing the gas again. 🐂 ☕️ ✈️

For Bulls and Hopium, things remain as simple as last week… The key is holding above the prior all time high at 111.9k and daily 55EMA at 109.8k on a daily closing basis, and continuation toward a new ATH becomes inevitable! Ideally, any daily close above the ATH/Previous Week High at 123.1k puts Bitcoin back into uncharted territory and triggers new price discovery!

Any corrective pullbacks should be viewed within the context of a still intact longer term uptrend, unless macroeconomic or technical conditions shift significantly. 🏖 🍾 🚀

Bears during the week must secure any daily close below the Previous Week Low at 115.7k, but even that isn’t a guarantee to shake Bulls and Hopium, as anything above 111k still counts as a “healthy” corrective pullback. Ideally, with a loss of the Previous Week Low at 115.7k, a daily close below the daily 21SMA at 114.1k would be needed, which could potentially lead to a test of prior all time high at 111.9k which if fails to hold as support, only then does it open the door for Bears to compromise Hopium and slow down the broader bullish momentum by dropping into the 100k zone and entering consolidation.

Either way, Bitcoin looks strong, and as long as it trades above 109k on a daily closing basis, continuation is highly likely. 😇 🌜 🌻