BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 65.9k! War in the Middle East is putting increasing pressure on the world and thus also on the cryptoverse! After last week’s rejection from the daily 55EMA around 74k, BTC could not find support in the weekly 200EMA at 68.3k and at the entrance into the new week we add the daily 21SMA at 67.6k to the resistance which strongly resembles the pattern from the 80k zone while it was acting supportive! Can the Bulls somehow gain time and defend February low 60.1k for another week or will the Bears on the wings of the Nazgûls use the negative context around the world economy and make another cut and let a little more blood from Bitcoin and the Bulls?! 📞 🚨 😇

The black cloud is still looming over the cryptoverse, and the Bulls still cannot find a way out of Gollum’s caves! Crucial for the Bulls is to get any successful daily close above the weekly 200EMA and, of course, to stay above the monthly 55EMA which together with the February low 60.1k is still the only supportive link between Bitcoin and the lower 50k zone. Nothing less nothing more is in play for the Bulls, hobbits and elves if they intend to keep the flame of Hopium alive short term and potentially wiggle out briefly from Gollum’s caves… Most ideal for the Bulls alongside the reclaim of the weekly 200EMA and the old ATH from 2021 68.9k is to get any successful daily close during the week above Previous Week High (PWH) 74k which from the current perspective seems less likely, though not impossible if nothing else at least for an attempt. 🌈 🌻 🐈

For the Bears and Nazgûls the game remains the same, similar as in the previous supportive zone of zone of 80k. Through the thick black clouds in the cryptoverse, BTC is not showing bottoming signals and they are left only with sit & wait… Ideal is to keep the daily 21SMA 67.6k and weekly 200EMA 68.3k as resistance and to remain below both on the daily close basis! Crucial for a new capitulation is to overthrow the monthly 55EMA around 63k as support and get any successful daily close below February low 60.1k which would be confirmation of a drop into the lower 50k zone where the short term should light up a small flame of Hopium again and this wider trend could get a smaller pause. ⛔️ 🐻 📉