s we wrap up the week, here's a brief overview of the key technical developments in the crypto market.
7 Days Heatmap
After being rejected by the $70,000 resistance, BTC has remained within a tight range, fluctuating between $64,000 and $69,000.
This consolidation is evident across the entire cryptocurrency market, resulting in a mixture of both red and green readings on the heatmap.
BTC Analysis
As per our previous analysis, BTC rejected the $68,000 - $70,000 resistance zone and traded lower.
However, BTC is currently hovering within a narrow range from a short-term perspective between $66,450 and $70,000.
As long as the $66,450 structure holds, the bulls will remain in control short-term.
From a medium-term perspective, BTC has been forming a big symmetrical triangle marked in red.
For the bulls to maintain control and initiate the next bullish impulse movement, a breakout above the upper red trendline and $70,000 resistance level is required.
In parallel, if the last low at $66,450 is broken downward, we will anticipate a bearish correction to begin, potentially leading to a movement towards the lower bound of the triangle.
ETH Analysis
Similar to BTC, ETH has been trading within a wide range, spanning from $3,000 to $3,600.
During this week, ETH broke below the last major low marked in red at $3,430 and traded lower.
The bears will maintain control as long as the $3,430 holds.
We anticipate a continuation towards the lower boundary of the channel and the $3,000 support level, where we will be on the lookout for new buy setups.
Quote of the week
Losers average losers.
~Paul Tudor Jones
Closing Remarks
This week, BTC traded between $64,000 and $69,000 following a rejection at $70,000, with mixed market sentiments.
BTC's short-term range remained at $66,450 to $70,000. A breakout above $70,000 is essential for bullish control, while a breach below $66,450 may initiate a bearish correction.
ETH traded within $3,000 to $3,600, breaking below the $3,430 support level. Continued movement towards $3,000 support is anticipated, with attention on potential buy setups.
