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.

7-days heatmap showing overall bullish sentiment with BTC up by 8% and ETH up by 4%.
Crypto Heatmap 7-Days

BTC Analysis

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.

BTC 4h chart showing the overall bearish sentiment inside a wedge pattern around resistance.
BTC Chart - 4H Timeframe

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.

ETH Analysis

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.

ETH 4h chart showing the overall bullish sentiment trading inside a rising channel targeting the $2450 resistance.
ETH Chart - 4H Timeframe

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

Closing Remarks

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.

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