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%.

7 days crypto heatmap showing overall bullish sentiment with BTC up by +6.5% and ETH up by +1.8%.
Crypto Heatmap 7-Days

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.

BTC daily chart overall bearish medium-term trading within the falling wedge pattern and currently rejecting the $60,000 - $62,000 support zone.
BTC Chart - Daily Timeframe

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.

ETH daily chart rejecting the $2900 support zone aiming for $3285.
ETH Chart - Daily Timeframe

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.

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