BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its new week at 86.8k! Nazguls are circling above, Hopium is barely dripping, and everyone is asking the same question: is this the start of a structural fightback or just another side quest through Mordor? Bulls are searching for a spark, Bears are sharpening their claws, and the candles will speak soon. ✨ 🕯 👐

Bulls are deep in the darkness of Mordor with only a faint spark left keeping the flame of Hopium alive! Sentiment is in extreme fear which can create a temporary bottom in the mid/higher 70k zone and some form of counter-trend move which if nothing else may simply reflect a bear flag and a confirmation of resistance’s! Crucial for Bulls is to stay above the April low 74.7k on a daily-close basis and try to form a Higher Low (HL) instead of a full structural invalidation and creation of a Lower Low (LL) below it.

Given the current situation I do not believe Bitcoin and the Bulls will manage to defend the Previous Week Low (PWL) 80.6k so I will say that the ideal scenario for Bulls is to get any successful daily close above the Previous Week High (PWH) 95.9k and the daily 21SMA 96k which leads directly into a challenge of the weekly 55EMA 98.3k which currently acts as the main barrier for any potential continuation into the 100k zone! Keep in mind that as long as Bitcoin trades below certain lvl’s such as the Previous Year High (PYH) or the weekly 21SMA 110.6k all bounces are exactly that bounces before continuation deeper into Mordor! 😐 🤬 😭

Bears riding on the wings of the Nazgûls gave Bulls absolutely no chance last week! Every small bounce ended as a quick failure, complete control and it stays that way as long as Bitcoin trades below the PYH 108.2k on a daily close basis!

Through the week the key for Bears is to remain below PWH 95.9k in order to keep the reins firmly in their hands and ideally get any successful daily close below PWL 80.6k which surely sends Bitcoin into the 70k zone where Bears if they continue at this pace can potentially compromise the April low 74.4k and checkmate Bulls and Hopium by forming a LL below it! 🩸 📉 ⚰️