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 below the $66,500 structure, BTC dipped by -1.48%, and ETH followed, closing the week down by -2.11%.
This bearish movement in BTC was reflected across the entire crypto market, with almost all altcoins closing the week on a bearish note as well.
BTC Analysis
After breaking below the $66,500 support, BTC has been overall bearish, trading within the falling channel marked in blue.
For the bulls to regain control, a break above the upper blue trendline and the last major high at $66,500 is needed.
Meanwhile, BTC remains bearish and can still trade lower towards the $62,000 support level.
ETH Analysis
As per our previous outlook, ETH rejected the $3,435 support level and traded higher.
Currently, ETH has been hovering within a narrow range between $3,435 and $3,665, forming an inverse head and shoulders pattern.
For the bulls to maintain control, a break above the neckline marked in red at $3,665 is needed.
In parallel, if the $3,435 support level is broken downward, a bearish continuation towards the $3,180 demand would be anticipated.
Quote of the week
There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time.
~Jesse Livermore
Closing Remarks
In summary, BTC broke below the $66,500 structure and experienced a 1.48% dip.
This bearish movement impacted several altcoins, with ETH also declining by 2.11%.
BTC is anticipated to rise towards $66,500 if the upper blue trendline is breached, or drop to $62,000 if it continues its bearish trend.
Meanwhile, ETH remained within the $3,435 - $3,665 range, with expectations of a bearish continuation if the $3,435 support zone fails.
To initiate a long-term bullish trend, a break above the $3,665 resistance is required.
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