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, BTC witnessed a bullish week, closing with a +1.32% surge.
This bullish movement in BTC pushed the entire market along with it. ETH remained stable, 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.
For the bulls to maintain control and push higher towards the upper bound of the range at $72,000, a break above the last major high marked in orange at $67,000 is necessary.
In parallel, if the support at $60,000 is broken downward, we anticipate a shift in momentum from bullish to bearish, potentially triggering a correction toward the $50,000 - $52,000 demand zone.
ETH Analysis
As anticipated in our previous analysis, ETH has rejected the $2900 support and is now trading higher.
For the bulls to maintain control and initiate the next upward impulse movement, a break above the last major high marked in orange at $3270 is needed.
Meanwhile, ETH may still trade lower to retest the $2900 - $2750 support and the lower brown trendline before trading higher again.
Quote of the week
The goal of a successful trader is to make the best trades. Money is secondary.
~Alexander Elder
Closing Remarks
In summary, BTC surged by +1.32% after rejecting the $60,000 support, leading a bullish trend that impacted the entire market. ETH remained stable while some altcoins closed the week on a bullish note.
BTC found support around the $60,000 - $62,000 zone and is currently aiming for higher levels, with a breakout above $67,000 necessary to reach the upper bound of $72,000.
ETH rejected the $2900 support level but is now trading higher. Sustaining control and initiating further upward movement requires a breakout above $3270.
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