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 surged by 4%, and ETH followed, closing the week with a +1.16% gain.
This bullish movement in BTC was reflected across the entire crypto market, with almost all altcoins closing the week on a bullish note as well.
BTC Analysis
As anticipated in our previous outlook, BTC rejected the $66,000 support and lower red trendline, then traded higher in a parabolic manner.
For the bulls to maintain control, a break above the $72,000 resistance level is needed.
In parallel, if the $69,400 mark is broken downward, a bearish correction towards the $62,000 - $63,000 support zone would be anticipated.
ETH Analysis
ETH is still hovering between the $3,500 support and $4,100 resistance levels, trading within a rising channel marked in red.
As long as the lower red trendline holds, a continuation towards the $4,000 round number is anticipated.
In parallel, if the last major low marked in red at $3,710 is broken downward, a bearish correction towards the $3,500 support level would be anticipated.
Quote of the week
Never, ever argue with your trading system.
~ Michael Covel
Closing Remarks
In summary, BTC rejected the $66,000 support level and experienced a 4% gain.
This bullish movement impacted several altcoins, with ETH also gaining 1.16%.
BTC is anticipated to rise towards $72,000 if the $69,400 support holds, or drop to $62,000 - $63,000 if it breaks.
Meanwhile, ETH remained within the $3,500 - $4,100 range, with expectations of a bullish movement if the $3,710 support zone holds.
To initiate a long-term bullish trend, a break above the $4,100 resistance is required.
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