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 $70,000 round number following the FED interest rate decision, BTC dipped by -1%, and ETH followed, closing the week down by -7.75%.
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
As anticipated in our previous outlook, BTC rejected the $72,000 resistance and traded lower.
However, it is currently hovering around a strong structure marked in red at $65,950.
As long as the $65,950 mark holds, we expect a bullish continuation towards the $72,000 resistance level.
In parallel, if the $65,950 low is broken downward, a bearish correction towards the $62,000 support level would be anticipated.
ETH Analysis
ETH has been overall bearish, trading within the falling channel marked in red.
Yesterday, ETH broke below the $3,500 support level, so we are expecting a bearish continuation towards the $3,180 demand zone.
In parallel, for the bulls to regain control and push towards the $4,000 mark again, a break above the last major high marked in red at $3,665 is needed.
Quote of the week
Do not anticipate and move without market confirmation - being a little late in your trade is your insurance that you are right or wrong.
~ Jesse Livermore
Closing Remarks
In summary, BTC rejected the $70,000 resistance level and experienced a 1% dip.
This bearish movement impacted several altcoins, with ETH also declining by 7.75%.
BTC is anticipated to rise towards $72,000 if the $65,950 support holds, or drop to $62,000 if it breaks.
Meanwhile, ETH remained within the $3,180 - $3,665 range, with expectations of a bearish continuation if the $3,500 support zone fails.
To initiate a long-term bullish trend, a break above the $3,665 resistance is required.
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