BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 72.8k! Bulls are looking for any sign of strength that could open the door back toward the 80k zone, while Bears remain comfortable as long as BTC trades below the key higher time frame levels that continue to cap the price. Will the Bulls finally manage to break through the same wall that keeps rejecting them and create conditions for a push higher, or will the Bears once again use the weakness around these levels to press BTC back toward the February low 60.1k? 🤯 🍿 😳

Bulls are still in the same battles with the same resistance! Last week BTC experienced another rejection from the daily 55EMA 73.6k but over the weekend the price bounced back again into the same obstacle! Ideal for Bulls and Hopium is to get any successful daily close above the daily 55EMA 73.6k and Previous Week High (PWH) 73.9k in order to create conditions for a potential continuation into 80k! Crucial for Bulls is not to lose support at the daily 21SMA 68.9 and weekly 200EMA 68.5k and certainly to stay above Previous Week Low (PWL) 65.8k on a daily close basis because otherwise February low 60.1k is to be tested where they will have almost no chances for defence. We can conclude that for Hopium it is a do or die situation! 🛫 🟢 🐂

For Bears without many changes… Bulls even if they get a bounce need much more than 80k to compromise the given trend. Ideal for Bears is to start weakening Bulls with a daily close below the daily 21SMA at 68.9k and weekly 200EMA 68.5k which will likely take BTC into a test of the February low 60.1k where for Bears it is crucial to get a break below followed by any daily close below during the week. As long as BTC trades below the year open 87.4k, daily 200EMA 87.4k and monthly 21SMA 88.4k Bears lead the main word!💥 🔴 ☄️