s we wrap up the week, here's a brief overview of the key technical developments in the crypto market.
7 Days Heatmap
After rejecting the upper bound of the channel, BTC experienced a 9% decline but ultimately ended the week positively, up by 2.1%.
This choppy movement had a mixed impact on the entire market, resulting in a combination of red and green signals on the heatmap.
BTC Analysis
BTC is currently hovering around the last major low marked in blue.
For the bulls to regain full control and initiate the next upward movement, a break above the $72,000 mark is necessary.
In parallel, if the last low at $66,700 is broken downward, we expect a bearish correction to start, resulting in a movement towards the $60,000 support zone.
ETH Analysis
After slipping below the $4000 round number, ETH experienced an 8.5% decline.
Currently, ETH is testing the lower bound of the red wedge pattern.
As long as the $3500 support holds, we anticipate a continuation towards $4000.
In parallel, if the $3500 support is broken downward, we expect a bearish correction to start, resulting in a movement towards the $3,200 support level.
Quote of the week
The hard work in trading comes in the preparation. The actual process of trading, however, should be effortless.
~Jack Schwager – Author of Market Wizards
Closing Remarks
In summary, this week BTC was choppy, dropping 9% after rejecting the upper channel bound but closed the week positively with a 2.1% gain. Market signals were mixed.
BTC hovers near a recent major low. Bulls need to breach $72,000 for control, while a drop below $66,700 could trigger a correction to $60,000.
ETH slipped 8.5% below $4000, testing the red wedge's lower boundary. If $3500 holds, a rise to $4000 is expected; else, a drop to $3,200 may occur.
