BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 77k! Ahead of the monthly close and the end of Q2, the cryptoverse just like the Middle East remains surrounded by uncertainty! Will this end up being a Bull trap and a classic Sell in May and walk away scenario?! Will Bulls wander lost through Mordor or will they manage to find their way back to the Shire?! 🍿 🕯 😳

Bulls have fewer and slimer chances to keep the Hopium flame alive! They were completely unable to overcome the selling pressure and show strength where it matters most… The only thing favoring Bulls this week is a successful reclaim of the daily 200SMA at 80.4k followed by any successful daily close above the May high 82.8k, which would create conditions for a test of the year open 87.4k. Anything less than that can be viewed as continuation of the broader trend, while a more concrete Bullish reaction could potentially be expected in the upcoming quarter around the 3 month 21SMA 56.3k. 🟢 👻 😰

Bears are one step away from achieving the Sell in May and walk away scenario as we approaching monthly closure. Ideal for the Bears is remaining below the daily 200SMA 80.4k and May high 82.8k on a daily closing basis. Losing the weekly 21SMA at 75.1k as support followed by any successful daily close below the Previous Week Low (PWL) 74.1k would very likely send BTC into the zone between the 2021 ATH 68.9k and April low at 65.6k, which looks more like a temporary station before the continuation of the broader trend. For a new Bear capitulation, it is crucial to take out the February low at 60.1k. As it stands, pretty much everything is in the Bears' paws. ☄️ 🥰 😡