BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 114.2k after last week's slide to the 111k support zone. Historically, August hasn't been Bitcoin’s favorite month and with half the planet on vacation mode, maybe price action is too. Ferragosto is here, let the charts nap while you tan. 🏖 🏝 😴

After last week’s loss of the daily 21SMA and the 117k zone as support, Bitcoin has, as expected, dropped towards the daily 55EMA and the pATH at 111.9k. It is crucial for the bulls to stay above these levels and the Previous Week Low throughout the week on a daily closing basis. The daily 55EMA often acts as a springboard, so a bounce toward 119k and the 21SMA could be expected, if nothing else, as a bearish retest.

Ideally for the bulls, any successful daily close above the daily 21SMA 117.3k and the Previous Week High at 119.8k would allow for a continuation of the trend without interruption. Otherwise, Bitcoin may consolidate within this range through August, in line with most of the world being on summer holidays. 🏝 🟢 🐂

Bears finally have a chance to persist with negative momentum over August! It’s crucial for the bears to get any successful daily close below the Previous Week Low/pATH at 111.9k and to lose the daily 55EMA 112.5k as support, which would almost certainly push Bitcoin down at least to the 108/110k zone, if not all the way towards 103k/105.1k Previous Month Low. Until then, short term consolidation remains the most probable outcome. 🐻 📊 😴