BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 104.7k! After three weeks of dancing around the daily 200EMA, Bitcoin now finds itself on the weekly 55EMA 99.5k. Who will this mark this “November to remember”? Will the Bulls magnificently reclaim the weekly 21SMA 113.3k and reignite Hopium once again or will the Bears showcase their cold blooded dominance? The crypto crowd remains in suspense as the line between fear and greed grows thinner than ever. 😎 ⚖️ 🦄

Bulls and Hopium remain in a completely unfavorable position as long as Bitcoin trades below the weekly 21SMA 113.3k on a daily closing basis, where every bounce below it is nothing more than a bounce and a bear confirmation. Still, not everything is so dark, the chance to ignite Hopium is still here, and often all it takes is one or two sparks. Ideally, Bulls need to reclaim the daily 200EMA as support and with a successful daily close above the Previous Week High (PWH) 110.7k and daily 55EMA 108k, potentially aim for a challenge of the weekly 21SMA 113.3k, which currently acts as the main resistance for “something higher.”

It is crucial for Bulls not to dip below the June low at 98.3k and to try to stay above the Previous Week Low (PWL) 98.9k and weekly 55EMA on a daily closing basis, otherwise Bears will continue to dictate the tempo. 📞 🍀 🐂

Bears wasted no time last week, as right at the start they managed to take out the daily 200EMA as support, showing strength and pushing Bitcoin down toward the upper 90k zone, precisely around the PWL 98.9k, aligning with the weekly 55EMA 99.5k just above the June low at 98.3k and Sell Side Liquidity (SSL) below it.

The ideal scenario for Bears is to secure any successful daily close below the PWL and weekly 55EMA at 98.9k, confirming continuation to the downside toward the lower 90k zone around 93k. The key for Bears is to defend the daily 200EMA 108k and Previous Year High (PYH) 108.2k as resistance and stay below the PWH 110.7k on a daily closing basis. As long as Bitcoin trades below the weekly 21SMA 113.3k, Bears maintain the upper hand short to mid term. ☔️ 👿 😇