Once again, BTC has dipped below $60,000. Is this a good zone to buy BTC at a discount, or will there be further downside? In this short article, we will find out!
7 Days Heatmap
After rejecting the upper bound of its channel, BTC dipped by over 3% in two days, closing the week slightly bearish at -0.42%.
This small dip in BTC dragged the entire market with it, including ETH, which is down by -0.92%.
BTC Analysis
As per our last BTC analysis, it remains overall bullish despite the recent dip, continuing to trade within the rising channel.
Currently, BTC is rejecting the lower bound of the channel, which aligns with the $58,000 - $60,000 support zone.
But when will BTC start its bullish phase? We need a break above the last major high at $61,300 for that to happen.
As long as the $58,000 mark holds, the bullish scenario remains possible.
ETH Analysis
Just like in our latest market analysis, ETH is also finding support at the round number of $2,500. We will be looking for bullish reversal opportunities as long as this support holds.
For ETH to push toward the $2,900 supply zone, we need a break above the last major high at $2,600.
Quote of the week
Never, ever argue with your trading system.
~ Michael Covel
Closing Remarks
In summary, BTC remains overall bullish, continuing to trade within a rising channel. The key support zone for BTC is between $58,000 and $60,000, and a break above $61,300 is needed to confirm a bullish phase.
Similarly, ETH is finding support around the $2,500 mark, with bullish opportunities emerging if this support holds. For ETH to advance toward the $2,900 supply zone, it needs to break above the $2,600 level.
Do you want a more detailed analysis? Continue exploring our in-depth market outlook.
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