As 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 $70,000 resistance, BTC experienced a bullish week, closing with a gain of +3.44%.
However, this upward momentum wasn't sufficient to lift the entire crypto market, as most altcoins remained bearish, with ETH down by -1.98%.
BTC Analysis
As per our previous analysis, BTC broke above the last major high marked in orange at $67,000 and continued to trade higher.
BTC is expected to remain overall bullish as long as it stays within the ascending channel outlined in red, and we anticipate a continuation towards the upper boundary of the channel.
In parallel, should the last low at $67,500 be breached downwards, we anticipate a shift in momentum from bullish to bearish, potentially triggering a significant correction down to $62,000.
ETH Analysis
ETH remained within a narrow range, fluctuating between $3,400 and $3,600.
For the bulls to gain control and push the price towards the upper boundary of the channel at $3,900, a break above $3,600 is required.
In parallel, if the last major low at $3,430 is breached downwards, a bearish correction towards the lower boundary of the channel at $3,300 would likely start.
Quote of the week
My attitude is that I always want to be better prepared than someone I’m competing against. The way I prepare myself is by doing my work each night.
~Marty Schwartz
Closing Remarks
In summary, the past week witnessed BTC breaking above $70,000 with a gain of +3.44%, while ETH and most altcoins remained bearish.
BTC's upward momentum is anticipated to continue within an ascending channel, but a breach below $67,500 could signal a shift to bearish sentiment.
Similarly, ETH fluctuated within a narrow range between $3,400 and $3,600, with a bullish breakout expected above $3,600 and a potential bearish correction below $3,430.
