The analyst discusses Bitcoin's weekly candle close, emphasizing the significance of the EMA ribbon and weekly support. The analyst notes that a weekly close significantly below the weekly support line, currently around 111000, would confirm a bearish trend, potentially leading to a target of $98,000 within the next 7 to 14 days. Conversely, if Bitcoin pumps back above $111500, the bearish outlook would be invalidated. The analysis hinges on whether the current weekly candle closes below the defined support level. The support and resistence lines can change within a range of 1000 dollars depending on when it closes.