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 level, BTC witnessed a bullish week, closing with a +4.29% surge.
This bullish movement in BTC pushed several altcoins up with it. However, ETH and many altcoins ended the week bearish.
BTC Analysis
As anticipated in our previous outlook, BTC has rejected the $60,000 support level and traded higher.
As long as the bulls maintain control, a movement towards the upper bound of the channel and the $68,000 mark would be anticipated.
Meanwhile, as BTC retests the $60,000 - $62,000 support zone again, we will be looking for new short-term buy setups.
ETH Analysis
ETH has been uneventful this week, hovering within a range around the $2,750 - $2,900 support zone.
As long as the $2,750 support holds, a continuation towards the upper bound of the red wedge pattern is expected.
For the bulls to take over long-term and start the next impulse movement upward, a break above the last major high marked in red at $3,140 is needed.
Quote of the week
Losers average losers.
~Paul Tudor Jones
Closing Remarks
In summary, BTC rejected the $60,000 support level and surged by +4.29%.
This bullish momentum extended to several altcoins, although ETH and others ended the week on a bearish note.
BTC's upward trajectory is anticipated as long as it maintains control, with potential movement towards the upper boundary of the channel and the $68,000 mark.
Meanwhile, ETH remained within a range around the $2,750 - $2,900 support zone, with expectations of a continued upward movement if the $2,750 support level holds.
To initiate a long-term bullish trend, a break above the last major high at $3,140 is required.
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