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 $66,000 support level, BTC has been uneventful, closing the week slightly bullish with a +1.16% surge.
This consolidation in BTC resulted in mixed sentiments across altcoins, with ETH also ending the week with a +0.51% gain.
BTC Analysis
As anticipated in our previous outlook, BTC rejected the $72,000 resistance level and traded lower.
This week, BTC has been hovering within a narrow range in the shape of a symmetrical triangle marked in red.
As long as the $66,400 support holds, we expect a bullish continuation towards the $72,000 - $74,000 resistance zone.
In parallel, if the $66,400 mark is broken downward, a bearish correction towards the $60,000 - $62,000 support zone is anticipated.
ETH Analysis
ETH is still hovering between the $3,500 support and $4,100 resistance levels.
Currently, ETH is bearish from a short-term perspective, trading within the falling channel marked in red.
For the bulls to regain control and push towards $4,000, a break above the last major high marked in red at $3,825 is needed.
Meanwhile, ETH would be bearish and as it approaches the $3,500 - $3,600 support zone, we will be looking for short-term buy setups on lower timeframes.
Quote of the week
Luck Is What Happens When Preparation Meets Opportunity
~ Seneca
Closing Remarks
In summary, BTC rejected the $66,000 support level and experienced a modest 1.16% gain.
This consolidation impacted several altcoins, with ETH also gaining 0.51%.
BTC is anticipated to rise towards $72,000 - $74,000 if the $66,400 support holds, or drop to $60,000 - $62,000 if it breaks.
Meanwhile, ETH remained within the $3,500 - $4,100 range, with expectations of a bullish movement if the $3,500 support zone holds.
To initiate a long-term bullish trend, a break above the last major high at $3,825 is required.
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