As we wrap up the week, here's a brief overview of the key technical developments in the crypto market.
7 Days Heatmap
After breaking below the $60,000 support and round number, BTC dipped by -7.3%, and ETH followed, closing the week down by -16.44%.
This bearish movement in BTC was reflected across the entire crypto market, with almost all altcoins closing the week on a bearish note.
BTC Analysis
As per our previous outlook, BTC broke below the $60,000 support level and has been overall bearish, trading within the falling channel marked in red.
Currently, BTC is approaching the lower bound of the red and orange channels, intersecting with the $50,000 - $52,000 demand zone.
As long as the $50,000 support level holds, we expect the bulls to kick in soon for a bullish correction towards $58,000.
ETH Analysis
As per our previous outlook, ETH has been dipping after breaking below the $3,500 mark.
Currently, ETH is hovering around the lower bound of the channel, signaling that it is already oversold.
As long as the $2,750 support level holds, we expect the bulls to kick in soon for a bullish correction towards $3,300.
Quote of the week
Invest in yourself as much as you can; you are your own biggest asset by far.
~Warren Buffett
Closing Remarks
In summary, BTC rejected the $60,000 support and experienced a 7.3% decline. This bearish movement negatively impacted several altcoins, with ETH remaining bearish and declining by 16.44%.
BTC is anticipated to rise towards $58,000 if the $50,000 support level holds, or drop to the $50,000 - $52,000 demand zone if it continues its bearish trend.
Meanwhile, ETH is currently oversold around the lower bound of its channel, with expectations of a bullish correction towards $3,300 if the $2,750 support level holds.
To initiate a long-term bullish trend, a break above these critical levels is required.
Also read our detailed altcoin analysis.
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