s we wrap up the week, here's a brief overview of the key technical developments in the crypto market.
7 Days Heatmap
After breaking above the $53,000 range, BTC soared by 19.7%, marking one of its most impressive weeks in the past 2 years.
This parabolic rise influenced the entire market positively, with ETH also experiencing a notable 13.5% increase.
BTC Analysis
After a significant bullish rally from $53,000 to $64,000, BTC encountered resistance near the upper boundaries of both the red and orange wedge patterns.
To remain in control, the bulls would need to secure a breakout above the $65,000 level.
In parallel, if the last low marked in red at $59,500 is broken downward, we expect a bearish correction to start, resulting in a movement towards the $56,000 demand zone.
ETH Analysis
This week, ETH surged above the $3000 resistance, skyrocketing to $3500 in less than four days.
Currently, ETH is rejecting the upper bound of the red wedge pattern.
For the bulls to maintain control long-term, a break above the $3500 resistance is needed. In such a scenario, a continuation toward the $4000 resistance is anticipated.
In parallel, if the last low marked in red at $3200 is broken downward, we expect a bearish correction to start, resulting in a movement towards the $3000 support level.
Quote of the week
The goal of a successful trader is to make the best trades. Money is secondary.
~Alexander Elder
Closing Remarks
In summary, this week, we witnessed significant bullish movements in the crypto market, with Bitcoin rising by 19.7% after surpassing $53,000, and Ethereum climbing 13.5%.
BTC faces resistance around $65,000, while ETH needs to break above $3,500 for sustained bullish momentum.
Both may experience bearish corrections if support levels are breached, with BTC potentially dropping to $56,000 and ETH to $3,000.
