One More Dip For Crypto

As the week is coming to an end, let's cover the key developments in the crypto market.

7 Days Heatmap

‍After rejecting the $70,000 mark, BTC dipped again by the end of the week, closing around breakeven at -0.03%. Obviously, ETH followed suit, closing the week with a -0.94% loss.

The weakness in BTC and ETH was reflected across the entire crypto market, with most altcoins closing the week bearish, showing losses between -5% and -15%.

7 days crypto heatmap showing bearish sentiment with BTC down by -0.03% and ETH by -0.94%. — *Crypto Heatmap 7-Days*

BTC Analysis

‍As per our previous outlook, BTC has rejected the upper bound of the orange channel and the $70,000 mark.

Currently, BTC is in a correction phase and is retesting the previous major low at $63,500.

As long as the low marked in red holds, we expect one more bullish impulse towards the upper bound of the channel.

BTC daily chart overall bullish and currently rejecting a previous major high at $63,500. — *BTC Chart - Daily Timeframe*

In parallel, if the $63,500 level is broken downward, a deeper bearish movement towards the $60,000 mark is expected.

ETH Analysis

‍As per our previous outlook, after breaking below the last low at $3,360, ETH's momentum shifted from bullish to bearish.

As long as the falling channel in orange holds, ETH is expected to remain bearish, with a movement towards the $2,900 support level anticipated.

ETH 4h chart overall bearish trading within a falling channel especially after breaking below the last low at $3,360. — *ETH Chart - 4H Timeframe*

In parallel, for the bulls to regain control and push towards the $3,500 resistance level, a break above the upper orange trendline is required.

Quote of the week

‍The four most dangerous words in investing are: ‘this time it’s different.
~ Sir John Templeton

Closing Remarks

‍In summary, BTC rejected the $70,000 mark and dipped to close around breakeven at -0.03%, while ETH followed with a -0.94% loss.

This weakness in BTC and ETH was reflected across the market, with most altcoins showing bearish closes between -5% and -15%.

For BTC, it is currently in a correction phase, retesting the major low at $63,500. As long as this low holds, a bullish impulse towards the upper bound of the channel is expected.

After breaking below $3,360, ETH's momentum has shifted from bullish to bearish. It is expected to remain bearish while within the falling channel, with a potential move towards the $2,900 support level.

Also read our detailed market outlook article.