BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 115.3k! Trading below 120k Bitcoin continues to keep market participants in uncertainty with a question mark above their heads whether Bulls have the strength to spark a new rally or Bears will claim another short term victory with a potential trap, but one thing is certain with the narrowing PWH/PWL range it seems this week could finally bring the resolution! 🟢 ⏳ 🔴

Bulls have clear goals this week! They need to secure a successful daily close above Previous Week High 117.9k while maintaining the daily 55EMA & 21SMA as support, potentially using them as a springboard for a breakout through PWH 117.9k and an attempt at a new All Time High. It’s important to note that PWH 117.9k is a new internal daily Higher High compared to 117.4k.

For a fresh dose of Hopium, Bulls now need either a Higher Low versus 107.3k but weakness could already show with the loss of daily 55EMA/21SMA as support and especially any successful daily close below 111.9k. Also, the daily 55EMA & 21SMA are forming a fresh Bullish Silver Cross (21SMA crossing above 55EMA). If Bitcoin defends them on daily closes, the cross becomes valid and adds extra buying pressure on the price! 💪🐂 😳

Bears once again find themselves in an unfavorable situation, but maybe something is cooking under the table! We got an internal Higher High on the daily chart, but that could easily end up as a nasty “la trapa,” considering that the 117k/119k zone is still currently acting as resistance. If Bulls don’t show their horns and defend the 112k-ish level, it will expose weakness that Bears can exploit, spicing things up with a wick below the daily 200EMA at 105.9k and grabbing sell side liquidity under the July low at 105.1k!

But here the situation gets tricky for Bears despite the short term “win” as I’ll remind once again that the 100k zone is loaded with positive confluences which can act as a springboard for Bitcoin to launch a new positive rally! 😭 😎 😞