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 $63,350 range, BTC soared by 10.27%, reaching a new all-time high! Congrats HODLers!
This parabolic rise influenced the entire market positively, with ETH also experiencing a notable 18.44% increase.
BTC Analysis
BTC is currently hovering within a range bounded by the $65,000 support and the $69,000 resistance.
To remain in control, the bulls would need to secure a breakout above the $69,000 level.
In parallel, if the last low marked in green at $65,000 is broken downward, we expect a bearish correction to start, resulting in a movement towards the $60,000 support zone.
ETH Analysis
As per our previous analysis, ETH rejected the $3,200 support level marked in red and surged impressively by 22% in less than three days.
Currently, ETH is around the upper bound of the red wedge pattern again.
For the bulls to maintain control long-term, a break above the $4,000 resistance is needed. In such a scenario, a continuation toward the $4,500 resistance is anticipated.
In parallel, if the last low marked in green at $3,760 is broken downward, we expect a bearish correction to start, resulting in a movement towards the $3,600 support level.
Quote of the week
Yesterday’s home runs don’t win today’s games.
~Babe Ruth
Closing Remarks
In summary, this week, we witnessed significant bullish movements in the crypto market, with Bitcoin rising by 10.27% after surpassing $63,0350, and Ethereum climbing 22%.
BTC faces resistance around $69,000, while ETH needs to break above $4,000 for sustained bullish momentum.
Both may experience bearish corrections if support levels are breached, with BTC potentially dropping to $65,000 and ETH to $3,760.
