Don’t let the crypto market fool you with its recent bearish movement. This is just a correction phase before the next big bullish impulse begins. But the big question is: when will the correction end? Let’s find out together.
7 Days Heatmap
The 7-day heatmap shows a mix of red and green, making it an ideal time to research and capitalize on the next big move by holding your favorite altcoins. Altcoin season remains intact, as seen in the 7-day crypto heatmap—BTC had a bearish week, while ETH is still bullish.
BTC Analysis
As per our latest BTC analysis, it has been in a correction phase, trading within the falling red channel.
As it approaches the lower bound of the channel and the $111,500 structure, we’ll be looking for trend-following long setups.
For the bulls to resume control from a macro perspective, a break above the upper red trendline is needed. In that case, a bullish impulse toward the $135,000 mark and the upper bound of the orange channel would be expected.
ETH Analysis
As per our latest ETH update, it is still holding strong above the $3,500 level, so the overall bias remains bullish from a medium-term perspective.
As long as the $3,500 support holds, a bullish impulse toward the $4,000 resistance and round number is expected.
On the other hand, if the $3,500 level is broken to the downside, expect a couple of painful weeks for the crypto market.
Quote of the week
Advocates for waiting for clear opportunities: “One of the best rules anybody can learn about investing is to do nothing… until there is something to do.
~ Jim Rogers
Closing Remarks
In summary, despite recent bearish movements, the crypto market remains in a correction phase, with altcoin season still in play. The 7-day heatmap shows mixed sentiment; BTC had a bearish week, while ETH held strong.
Technically, BTC is approaching a key support near $111,500 within a falling channel, with a potential bullish reversal if it breaks above the upper red trendline.
ETH maintains a bullish bias as long as $3,500 holds, with $4,000 as the next target. However, a drop below $3,500 could trigger further downside pressure across the market.
