s we wrap up the week, here's a brief overview of the key technical developments in the crypto market.
7 Days Heatmap
BTC rebounded strongly by over 8% after facing resistance at the $42,000 level.
This upward momentum had a positive impact on the entire crypto market, leading to bullish movements in various altcoins, including a 4.09% rise in ETH.
This week, BTC has consolidated within a narrow range, forming a falling broadening wedge pattern highlighted in orange.
Today, BTC is hovering around a resistance zone indicated in red.
If the $43,700 resistance is breached upwards, we expect the bulls to take control, resulting in a movement towards the $48,000 resistance.
However, the bears still have the potential to kick in, pushing the price lower and testing the lower orange trendline and $41,000 support zone.
After breaking above the red channel, the momentum has shifted from bearish to bullish.
ETH will maintain a bullish outlook as long as it trades within the rising red channel, potentially leading to a movement towards the upper bound of the channel and the $2450 resistance.
In parallel, if the $2250 support is breached downward, we anticipate further bearish movement towards the $2100 support zone.
Quote of the week
Trading doesn’t just reveal your character; it also builds it if you stay in the game long enough.
~ Yvan Byeajee
In summary, this week the crypto market experienced positive momentum as BTC surged 8%, prompting bullish movements in altcoins, including a 4.09% rise in ETH.
BTC is consolidating within a narrow range, with potential for a bullish move towards $48,000 upon breaking the $43,700 resistance.
ETH shifted from bearish to bullish after breaking the red channel, maintaining a positive outlook within the rising red channel and targeting the $2450 resistance.