BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 77.4k! Bears seem to be done with their coffee break, once again putting Bulls in an unfavorable position! After a solid recovery expansion from the April low at 65.6k, Bulls are drastically losing momentum at key resistances and failure to reclaim them could come at a heavy cost, though despite looking shaky they still have a chance. Will Bulls show their horns or are we about to enter a new corrective phase and once again hand full control back to the Bears?! 😇 🕯 😳

If Bulls want to keep the Hopium flame alive, they need to act! It is crucial not to lose the daily 55EMA at 76.5k, weekly 21SMA at 75.9k and March high 76k as support and to remain above them throughout the week on a daily closing basis, as losing them also means losing the chance for a move higher in the short term. Ideally and realistically, the only thing favoring Bulls is a successful RECLAIM of the daily 200SMA at 81.5k and Previous Week High (PWH) at 82.3k without daily closes below them, which would open the door for a continuation of the recovery towards the year open 87.4k and weekly 55EMA at 85.3k, which currently act as the next obstacle for Bulls, if they manage find a way to overcome the current ones! 📈 📈 🚀

Bears are showing their claws as we approach the final stretch of May! Crucial for the Bears is to break and hold below the March high at 76k, along with the weekly 21SMA at 75.9k and daily 55EMA at 76.5k as support. This would open the path toward the 2021 ATH at 68.9k and April low at 65.6k. If Bulls fail to defend that level, it opens the door for a challenge of the February low at 60.1k setting the stage for Sell in May and walk away scenario. Ideally for Bears, BTC should remain below the PWH and the daily 200SMA at 81.5k on a daily closing basis. That said, even if we get a break above, Bears still don’t lose control of the broader trend as long as Bitcoin trades below the year open at 87.4k on a daily closing basis. 🐾 📉 🧸