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 back above the $60,000 mark, BTC witnessed a bullish week, closing with a +6.51% surge.
This bullish movement in BTC pushed the entire market. ETH also closed the week bullish, while nearly all altcoins ended the week with gains ranging from 5% to 10%.
BTC Analysis
BTC has broken above the $60,000 resistance zone, signaling a shift in momentum from bearish to bullish.
As long as the $60,000 holds, a continuation towards the upper bound of the red channel at $68,000 would be anticipated.
In parallel, if the $60,000 support level is breached downward, a bearish movement towards the $52,000 demand zone would be expected.
ETH Analysis
As anticipated in our previous analysis, ETH rejected the $2,750 - $2,900 support zone and traded higher.
As long as the $2,750 support holds, a continuation towards the upper bound of the red wedge pattern at $3,285 would be anticipated.
Meanwhile, ETH may hover within a range and could potentially dip into the support zone before trading higher.
Quote of the week
There is a time to go long, a time to go short and a time to go fishing.
~Jesse Livermore
Closing Remarks
In summary, the crypto market witnessed a bullish week with BTC surging by 6.51%, breaking above $60,000 and influencing other cryptocurrencies positively. ETH also closed bullish, and most altcoins saw gains ranging from 5% to 10%.
BTC's analysis indicates a bullish trend if it maintains above $60,000, potentially targeting $68,000.
In parallel, breaching this level could lead to a bearish movement towards $52,000.
ETH rebounded from the $2,750 - $2,900 support zone, aiming for $3,285 as long as it holds above $2,750. However, temporary dips into the support zone are possible before further upward movement.
