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

7 Days Heatmap

After finding support at the $40,000 round number, BTC has been hovering within a narrow range.

The heatmap indicates that this week is likely to end with a slight bullish sentiment. This bullish movement is evident across the entire crypto space, with most altcoins displaying a positive trend.

7 Days heatmap showing a ranging week with slight bullish movements with BTC up by +1.25%.
Crypto Heatmap 7-Days

BTC Analysis

This week, BTC has been consolidating within a narrow range, between $39,000 and $41,000.

To shift the momentum from bearish to bullish, a breakout above the $41,000 level and the upper orange trendline is needed.

In such a scenario, an anticipated movement towards the next resistance at $43,000 would be expected. 

Bitcoin 4h chart showing the overall bearish bias and the last major high at $41,000 that we need a break above for the bulls to take over.
BTC Chart - 4H Timeframe

Meanwhile, until the bulls take control, BTC would remain overall bearish from a medium-term perspective. It could still face rejection at the $41,000 resistance and potentially move lower to create one final bearish impulse.

ETH Analysis

After breaking below the $2450, ETH has been bearish trading within the falling red channel.

Currently, ETH is hovering around a robust support level at $2100 - $2150. For the bulls to regain control and initiate the next upward impulse, a breakout above the upper red trendline and last major high marked in red at $2280 is needed.

ETH 4h chart showing the overall bearish bias trading within the falling channel and the last major high at $2280 that we need a break above for the bulls to take over.
ETH Chart - 4H Timeframe

Meanwhile, ETH would remain bearish and might reject the upper red trendline, trading lower to retest the $2100 support.

In this scenario, as ETH approaches the support marked in green, we will actively look for new short-term buy setups.

Quote of the week

Do more of what works and less of what doesn’t.
~Steve Clark

Closing Remarks

In summary, this week the crypto market is cautiously bullish after BTC found support at $40,000.

BTC is consolidating between $39,000 and $41,000, requiring a breakout above $41,000 for a bullish shift.

ETH is bearish below $2450, currently supported at $2100 - $2150.

A bullish reversal needs a breakout above $2280, while rejection may lead to a retest of $2100, presenting short-term buy opportunities near green-marked support.

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