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 $53,000 resistance, BTC remained within a narrow range, resulting in a flat -1.6% movement over the past 7 days.
This consolidation phase brought mixed fortunes for altcoins. While ETH saw a modest increase of +4.15%, others ended the week on a bearish note.
BTC Analysis
BTC has seen little activity this week, trading within a tight range between $50,600 and $53,000.
If the $53,000 mark is broken upwards, we anticipate the bulls maintaining control, possibly leading to a movement towards the resistance zone between $58,000 and $60,000.
In parallel, if the last low marked in red at $50,600 is broken downward, we expect a bearish correction to start, resulting in a movement towards the $48,000 support level.
ETH Analysis
As mentioned in a previous analysis, ETH faced rejection at the $3000 resistance zone and traded lower.
Currently, ETH is hovering within a narrow range between $2855 and $3035.
For the bullish momentum to maintain control in the long term, a breakthrough above $3035 is essential.
In parallel, if the last low marked in orange at $2855 is broken downward, we expect a bearish correction to start, resulting in a movement towards the $2650 support level.
Quote of the week
Trading doesn’t just reveal your character; it also builds it if you stay in the game long enough.
~Yvan Byeajee
Closing Remarks
In summary, BTC may rally towards $58,000 - $60,000 if it breaks $53,000, but a drop below $50,600 could lead to $48,000.
Similarly, ETH needs to surpass $3,035 for bullish momentum, else it may correct to $2,650 after breaking $2,855.
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