Finally, a bullish week with clear momentum, but is it enough to start a bull run? In this 1-minute article, let's quickly cover the latest market sentiment.
7 Days Heatmap
After reclaiming the $60,000 checkpoint, BTC surged by over 5.8%, closing the week with extreme bullish momentum.
BTC’s surge was reflected across the entire crypto market, including ETH, which also surged by over 1.84%.
BTC Analysis
As per our previous market outlook, BTC has finally broken back above $60,000, signaling that the bulls are nearly ready to take full control.
However, from a medium-term perspective, BTC is still consolidating, trading within the ascending triangle marked in orange.
As per the textbook, an ascending triangle is a bullish continuation pattern. For the bulls to take control, a break above the upper boundary of the triangle at $62,000 is needed.
ETH Analysis
ETH is no different from BTC. It has also been stuck within a flat range, as noted in our last market roundup.
As long as the channel holds, ETH is expected to stay bullish.
For ETH to begin surging in a parabolic manner, a break above the upper boundary of the red channel is necessary, with a target of the $3,000 round number.
Quote of the week
If you have a leveraged position, make sure nobody can take it away.
~ Naved Abdali
Closing Remarks
In summary, BTC surged over 5.8% after reclaiming the $60,000 level, setting the stage for potential further gains.
Despite this upward movement, BTC is still consolidating within an ascending triangle, with a crucial breakout level at $62,000 needed for the bulls to take full control.
ETH also showed a slight bullish trend, trading within a rising channel. A breakout above the channel's upper boundary could trigger a parabolic surge, targeting the $3,000 level.
Check out our latest detailed market outlook.
