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%.
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.
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.
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.
