As the week wraps up, let's go over the key developments in the crypto market.
7 Days Heatmap
After breaking above the previous major high of $63,000, BTC surged by over 4.34%, with ETH also closing the week with a gain of +2.92%.
This rise in BTC was mirrored by almost all altcoins, which closed the week with gains ranging from 5% to 10%.
BTC Analysis
As per our previous outlook, BTC broke above the $63,000 mark and has been trading higher since then.
As long as the $63,000 structure holds, we anticipate a bullish continuation towards the upper bound of the orange wedge pattern.
In parallel, for the bears to take over and push towards $60,000 round number, a break below the $63,000 is needed.
ETH Analysis
As per our previous outlook, ETH was rejected at the $3,500 resistance level and dipped by over 11%.
As long as the bears hold, a continuation towards the $2,900 - $3,000 support zone is expected.
Quote of the week
If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money.
~ Bill Lipschutz
Closing Remarks
In summary, BTC broke above the previous major high of $63,000, surging by over 4.34%.
As long as the $63,000 structure holds, a bullish continuation towards the upper bound of the orange wedge pattern is anticipated.
ETH also closed the week with a gain of +2.92% but faced rejection at the $3,500 resistance level, dipping by over 11%.
If the bearish momentum continues, a further decline towards the $2,900 - $3,000 support zone is expected.
Also read our detailed market outlook article.
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