BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kick's off its week at 65.9k! As we get closer to the monthly close the selling pressure becomes more and more intense, which is shown by the recent brake out of the bear flag and loss of key until recently supportive ‘MA lines! A new leg down is becoming more and more likely and Bulls do not have much space nor time to find a flint stone or a match to ignite Hopium and continue searching for a dead cat bounce! Bouncy behavior can be expected through April which could potentially reopen the old crypto saying sell in May and walk away! 😇 🌊 🦄

Bulls still cannot find a way to ignite Hopium into the monthly close! The only thing that can play for Bulls this week is a successful reclaim of the weekly 200EMA 68.2k and daily 21SMA at 70k & 55EMA at 71.8k. I say the only thing because the chances of defending the February low 60.1k are stillborn… A successful reclaim of the daily ‘MA lines followed by a successful daily close above Previous Week High (PWH) 71.8k can open the door potentially for a challenge of the weekly 21SMA at 79.9k but as things stand that is less likely from the current zone, but valid targets after a very likely drop into the 50k zone. 🤬 🟢⚰️

As the wings of the Nazgûls spread across the cryptoverse, the picture grows darker and price followed with a break out of the bear flag! Loss of support at the weekly 200EMA 68.2k, inability to hold the daily 21SMA 70k as supportive followed by another rejection from the daily 55EMA 71.8k are strong signals for Bears. Crucial for a new capitulation and a move into the 50k zone is to break the February low 60.1k and ideally remain below PWH 71.8k on a basis of daily closes. New downside zones where BTC can be expected are interesting, but the first positive reactions would be expected from the 48.2k/54.6k range. 😏 🧸 🐻