BTC Weekly Technical Analysis by Mako Sharks

Bitcoin kicks off its week at 90.4k! No major changes so far, with USDT.D sustaining its bull flag structure while Bitcoin continues to carve out a bear flag. Invalidation and confirmation levels remain nearly identical to previous sessions, leaving us to simply follow the unfolding clash: the Bears soaring on Nazgûl wings across the cryptoverse, and the Bulls marching forward with their restless legion of hobbits, elves, and men high on Hopium.

As long as structure remains fractured, momentum belongs to the shadows but any decisive reclaim could rally the forces of light back into formation. Until then, the battlefield remains tense and ripe for volatility. 😈 🥊 👼

Bulls are heading into another challenging week despite almost no changes compared to the previous one. The Bear flag formation is still ongoing and the same obstacles remain in place, with the daily and weekly 55EMA in confluence with the June low at 98.3k acting as the main barrier for a challenge of the Previous Year High (PYH) at 108.2k, without whose reclaim the broader trend can’t flip bullish. Ideally, Bulls and their Hopium this week need any successful daily close above the mentioned levels (98.3k), which would very likely open the path toward a PYH 108.2k challenge, but to even begin an eventual reclaim of the June low at 98.3k, Bulls need a successful daily close above the Previous Week High (PWH) at 94.2k while also maintaining support from the daily & monthly 21SMA 87.9k, as losing of them leads toward the Previous Week Low (PWL) at 83.8k and thin ice of November low 80.6k.

The sky is dark for Hopium and the world of men, elves and hobbits. 🕊 🌩 🐈

Despite the bounce, the Nazgûl still circle the skies above the cryptoverse while the Bears revel with goblins in Gollum’s caves! Bear dominance remains in full force as long as Bitcoin trades below the PYH 108.2k, and the first potential signal of this trend being threatened is a proper reclaim of the June low/w+d55EMA at 98.3k.

Ideally for Bears, any daily close below the PWL 83.8k opens the path toward a challenge of the November low at 80.6k, a level crucial to brake for continuation of the bearish trend, opening the doors to the 70k zone and potentially compromising the April low at 74.4k that act as last line in the sand! ☠️ 👐 ☠️