The crypto market has been bleeding hard this week. Is this just a dip, or the start of a whole new bearish trend? While most altcoins, including ETH, look like they’re melting, BTC is still holding above its $107,500 support. Let’s go over the possible scenarios together.
7 Days Heatmap
The 7-day crypto heatmap is screaming bearish, and it’s enough to make traders panic just by seeing it completely red.
BTC Analysis
As per our last BTC update, it turned short-term bearish after breaking below the rising blue channel last week.
However, it is now approaching a major structure marked in red at $107,500.
For the bulls to regain short-term control, a break above the upper orange trendline is needed.
Meanwhile, BTC will remain bearish, especially if it breaks below the $107,500 support on the daily timeframe.
ETH Analysis
As per our latest ETH analysis, it broke below the $4,000 support and round number, shifting the overall momentum from bullish back to bearish.
As long as the $4,000 level holds as resistance, further downside toward the next support at $3,500 is expected.
For the bulls to take the upper hand again, a break above the upper red trendline and the $4,100 resistance is needed.
Quote of the week
You need to know very well when to move away, or give up the loss, and not allow the anxiety to trick you into trying again.
~ Warren Buffett
Closing Remarks
In summary, this week’s crypto outlook highlights growing bearish pressure across the market, with the 7-day heatmap flashing red.
BTC is holding above the critical $107,500 support, but remains vulnerable unless bulls reclaim the upper trendline. ETH has flipped bearish after losing the $4,000 level, with eyes on $3,500 unless buyers can break back above $4,100.
The coming days will be crucial in deciding whether this is just a dip or the beginning of a deeper bearish phase.
