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 $60,000 support and round number, BTC surged by 1.3%, while ETH remained bearish, closing the week down by 1.97%.
This bullish movement in BTC was reflected across the entire crypto market, with almost all altcoins closing the week on a bullish note as well.
BTC Analysis
As per our previous outlook, BTC has been overall bearish, trading within the falling wedge pattern marked in blue.
For the bulls to regain control, a break above the upper blue trendline and the last major high at $63,000 is needed.
Meanwhile, BTC remains bearish and can still trade lower towards the $58,000 - $60,000 support zone.
ETH Analysis
As per our previous outlook, ETH broke below its range and traded lower.
Currently, ETH, just like BTC, has been bearish trading within the falling wedge pattern highlighted in blue.
For the bulls to regain control, a break above the $3,530 resistance level is needed.
In parallel, as long as the upper bound of the falling channel holds, ETH remains bearish and can still trade lower towards the $3,150 demand zone.
Quote of the week
Win or lose, everybody gets what they want from the market. Some people seem to like to lose, so they win by losing money.
~Ed Seykota
Closing Remarks
In summary, BTC rejected the $60,000 support and experienced a 1.3% surge.
This bullish movement positively impacted several altcoins, with ETH remaining bearish and declining by 1.97%.
BTC is anticipated to rise towards $63,000 if the upper blue trendline is breached, or drop to the $58,000 - $60,000 support zone if it continues its bearish trend.
Meanwhile, ETH remained within the $3,150 - $3,530 range, with expectations of a bearish continuation if the $3,150 support zone fails.
To initiate a long-term bullish trend, a break above the $3,530 resistance is required.
Also read our more detailed altcoin analysis.
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