A

s we wrap up the week, here's a brief overview of the key technical developments in the crypto market.

7 Days Heatmap

After breaking above the neckline of the inverse head and shoulders pattern at the start of this week, BTC surged by 14.35%.

This upward momentum had a favorable effect on the entire crypto market, resulting in bullish movements in various altcoins, including a massive 16.55% rise in ETH.

7 days crypto heatmap showing strong bullish sentiment across almost all altcoins including ETH rise by 16.55%
Crypto Heatmap 7-Days

BTC Analysis

BTC is currently hovering around a strong resistance zone and the upper boundary of the orange daily channel.

BTC 4h chart showing the overall bullish trend. however it is hovering around the upper bound of the channel and resistance at $53,000.
BTC Chart - 4H Timeframe

If the $53,000 mark is broken upwards, we expect the bulls to remain in control, potentially resulting in a movement towards the resistance zone between $58,000 and $60,000.

In parallel, if the last low marked in red at $51,000 is broken downward, we expect a bearish correction to start, leading to a movement towards the $48,000 support level.

ETH Analysis

As noted in a previous analysis, ETH bounced off the $2470 support and traded higher.

Currently, ETH is hovering around a weekly resistance zone between $2850 and $3000.

ETH 4h chart overall bullish trading within a rising wedge pattern and currently approaching the $2850 - $3000 resistance.
ETH Chart - 4H Timeframe

For the bullish momentum to maintain control in the long term, a breakthrough above $3000 is essential.

Meanwhile, the bears still have the potential to kick in, driving the price downwards and to test the lower blue trendline and the $2670 support level.

Quote of the week

Trading is very competitive and you have to be able to handle getting your butt kicked.
~ Paul Tudor Jones

Closing Remarks

In summary, this week BTC surged by 14.35% after breaking above an inverse head and shoulders pattern, boosting the entire crypto market, with ETH rising by 16.55%.

BTC hovers near a resistance zone, with potential for further gains above $53,000 towards $58,000-$60,000.

ETH bounced off $2470 support and eyes a resistance zone between $2850 and $3000. Breaking above $3000 is crucial for bullish momentum, while a drop below $51,000 for BTC or $2670 for ETH could signal bearish correction.

Similar Articles

Show more