After nearly reaching the $100,000 mark, BTC entered a correction phase, which was expected following a parabolic movement upward from $80,000.
How deep can this bearish correction go? Let's find out together.
7 Days Heatmap
With BTC in a flat correction phase, altcoins took the opportunity to surge, including ETH, which broke above the $3,500 resistance zone, and XRP, which surged by almost 10%.
BTC Analysis
After breaking below the $97,000 low, BTC confirmed the start of the bearish correction phase.
This correction extended from the short-term to the medium-term after breaking below the green channel, as mentioned in the last BTC update this week.
For the bears to regain control and push the price toward the $90,000 mark, a break below the recent low of $94,700 is needed.
ETH Analysis
As noted in our recent market overview, ETH has been trading bullishly within the ascending channel marked in red.
Currently, ETH is undergoing a correction phase, forming a falling channel as shown in orange.
For the bulls to regain control and initiate the next bullish phase targeting the $4,000 mark, a break above the recent high of $2,610 is necessary.
In the meantime, ETH remains bearish in the short term and may still test the lower boundary of the channel.
Quote of the week
I get real, real concerned when I see trading strategies with too many rules (you should too).
~ Larry Connors
Closing Remarks
In summary, BTC entered a correction phase after nearly reaching the $100,000 mark, confirming a bearish trend with a break below $97,000 and potentially targeting $90,000 if it drops under $94,700.
Meanwhile, ETH experienced a surge above $3,500 before entering a correction phase within a falling channel.
For ETH to resume its bullish trend and aim for $4,000, a break above $2,610 is needed.
In the short term, ETH remains bearish and could retest the channel's lower boundary.
Altcoins like XRP also showed strong performance, surging by almost 10% during BTC's flat correction.
Liking these quick market insights? Explore the detailed market outlook versions for deeper analysis and insights.
