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 $72,000 resistance, BTC experienced a bearish week, closing with a -7.47% dip.
This bearish movement in BTC dragged the entire market with it, with ETH down by -11.48%, while a couple of altcoins stood strong, closing the week bullish.
BTC Analysis
As per our previous analysis, BTC has found support around the $60,000 - $62,000 zone and is currently trading higher.
As long as the $60,000 support holds, we anticipate a continuation towards the upper bound of the red channel and the $70,000 round number.
In parallel, should the support at $60,000 be breached downwards, we anticipate a shift in momentum from bullish to bearish, potentially triggering a significant correction towards the $50,000 - $52,000 demand zone.
ETH Analysis
As anticipated, ETH has rejected the $2900 support and is now trading higher.
The $2800 - $2900 support zone is a significant rejection area as it intersects with a demand zone and lower red and brown trendlines.
As long as the $2800 level holds, we expect a continuation towards the $3500 resistance.
For the bulls to regain full control and initiate the next upward impulse movement, a break above the last major high in orange at $3190 is needed.
Meanwhile, ETH may still trade lower to retest the $2800 - $2900 support before resuming its upward trend.
Quote of the week
Do more of what works and less of what doesn’t.
~Steve Clark
Closing Remarks
In summary, this week BTC witnessed a bearish trend, dipping by -7.47% after rejecting the $72,000 resistance, which consequently influenced the entire market.
BTC found support within the $60,000 - $62,000 range, aiming for a continuation towards the $70,000 mark, but a breach below $60,000 could lead to a bearish shift towards the $50,000 - $52,000 demand zone.
ETH declined after rejecting the $2900 support but remains optimistic as long as the $2800 level holds, targeting the $3500 resistance.
