BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 110.5k! “UPtober” ended in red with a 21.83% price range, marking one of the most fascinating months in crypto history from: an ATH to the largest liquidation event ever seen in the crypto market! Nevertheless, Bitcoin continues its “ping-pong” consolidation performance, keeping the crypto audience on edge.

Can the Bulls break through 116k and deliver a “November to remember,” or will the Bears seize the moment of weakness and uncertainty to drag Bitcoin into a new Lower Low?! ↗️ 💲 📉

Bulls’ main mission this week is to achieve a successful daily close above the Previous Week High (PWH) 116.4k, which would also mean reclaiming the weekly 21SMA 113.4k & daily 55EMA in the same zone, creating conditions for further expansion toward the 121k+ resistance area. The key for Bulls and Hopium in the short term is to hold support at the daily 200EMA/Previous Year High (PYH) 108.3k based on daily closes throughout the week.

Losing 108.3k as structural support would almost certainly drive Bitcoin below the Previous Week Low (PWL) 106.3k, effectively opening a clear path into the lower 100k zone, which currently acts as the “last line in the sand,” along with the weekly 55EMA slowly climbing from 99.5k into the 100k demand area. A continuation of dull consolidation between the daily ‘MA lines is also possible if Bitcoin fails this week to achieve either a support reclaim or a breakdown. 🌈 🚀 😳

Bulls want one thing, Bears want another! Ideally for Bears, losing the daily 200EMA/PYH 108.3k as support and achieving any daily close below PWL 106.3k would open the door toward the 100k zone and weekly 55EMA. The key is to keep Bitcoin below 116k to maintain selling pressure.

It’s worth noting that the longer it takes for Price Action (PA) to continue a given move, the higher the chance of failure becomes and in this case, time is slowly running out for Bears to show aggression! 😉🚨 🐻