s we wrap up the week, here's a brief overview of the key technical developments in the crypto market.
7 Days Heatmap
After finding support at the $40,000 round number, BTC has been hovering within a narrow range.
The heatmap indicates that this week is likely to end with a slight bullish sentiment. This bullish movement is evident across the entire crypto space, with most altcoins displaying a positive trend.
BTC Analysis
This week, BTC has been consolidating within a narrow range, between $39,000 and $41,000.
To shift the momentum from bearish to bullish, a breakout above the $41,000 level and the upper orange trendline is needed.
In such a scenario, an anticipated movement towards the next resistance at $43,000 would be expected.
Meanwhile, until the bulls take control, BTC would remain overall bearish from a medium-term perspective. It could still face rejection at the $41,000 resistance and potentially move lower to create one final bearish impulse.
ETH Analysis
After breaking below the $2450, ETH has been bearish trading within the falling red channel.
Currently, ETH is hovering around a robust support level at $2100 - $2150. For the bulls to regain control and initiate the next upward impulse, a breakout above the upper red trendline and last major high marked in red at $2280 is needed.
Meanwhile, ETH would remain bearish and might reject the upper red trendline, trading lower to retest the $2100 support.
In this scenario, as ETH approaches the support marked in green, we will actively look for new short-term buy setups.
Quote of the week
Do more of what works and less of what doesn’t.
~Steve Clark
Closing Remarks
In summary, this week the crypto market is cautiously bullish after BTC found support at $40,000.
BTC is consolidating between $39,000 and $41,000, requiring a breakout above $41,000 for a bullish shift.
ETH is bearish below $2450, currently supported at $2100 - $2150.
A bullish reversal needs a breakout above $2280, while rejection may lead to a retest of $2100, presenting short-term buy opportunities near green-marked support.
