BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 115.4k after last week catching some Bullish momentum and sparking the imagination of the crypto audience though still staying within the boundaries of a lower high compared to 117.4k! Can the Bulls hold off the Bears on potential pullbacks and heat up this new momentum for continuation and an ”attack” to test the All Time High? 🛡 😳 ⛔️

Bulls and Hopium have captured short term momentum but that alone is not enough! Bitcoin needs a successful daily close during the week above Previous Week High 116.7k which would open the door for continuation and invalidate the newly formed hidden bearish divergence with price potentially making a higher high than 117.4k!

Ideally for Bulls, the task is to defend and close above Previous Week Low 110.6k during the week, as a daily close below increases the possibility of dropping into lower 100k. What works in favor of the Bulls is 21SMA 111.9k and 55EMA 113.2k on daily chart acting as support, as well as the weekly 21SMA 109.5k, and losing those would increase the probability of price going for the internal sell side liquidity with a wick below the July Low & daily 200EMA 105.1k! A drop into the lower 100k zone is not necessarily Bearish and Bitcoin has a good chance for a true reversal from there! ↗️ 🟢 🚀

For the Bears everything remains more or less the same, with the newly formed hidden bearish divergence on the daily chart now working further in their favor but if price breaks above 117.4k during the week and makes a higher high that divergence is invalidated.

Price continues toward the resistance zone at the all time high! Ideally for the Bears is to get any successful daily close below the last lower low at 107.2k would surely confirm a drop into the lower 100k zone where the ball is once again passed into the hands of the Bulls and Hopium due positive confluences! 🚫 😛 😈