s we conclude this week, here's a concise summary of the key technical developments in the crypto market.
7 Days Heatmap
After the SEC approved 11 ETFs just two days ago, the market has turned bullish. BTC has surged by 3.3%, while ETH has seen a notable increase of 14.12%, fostering an optimistic sentiment throughout the entire crypto market.
BTC Analysis
After rejecting the $48,000 - $50,000 resistance zone, BTC has exhibited a bearish trend from a short-term perspective.
Nevertheless, it is presently retesting a robust support at $45,000, coinciding with the red trendline, which acts as a non-horizontal support.
Consequently, as long as the $44,500 support remains intact, we will be vigilant for trend-following buy setups on lower timeframes.
In the event that the bulls regain control, our medium-term target will be set at the $48,000 resistance level.
ETH Analysis
In our most recent analysis last week, ETH exhibited a rejection at the lower boundary of its established trading range.
Following the rejection of the $2100 support, ETH experienced an upward movement, breaking above the $2450 level and initiating an impulse that carried it to the upper boundary of the wedge pattern.
As ETH undergoes a retest of the $2450 level, currently serving as both support and intersecting with the lower blue trendline, we will actively monitor for potential buy setups. Our target for these setups will be the $2800 - $3000 resistance zone.
Quote of the week
There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer.
~ Jack Schwager – Author of Market Wizards
Closing Remarks
In summary, this week's key crypto market developments include a bullish trend after the SEC's approval of 11 ETFs, with BTC up by 3.3% and ETH surging 14.12%.
BTC faces short-term bearishness, retesting a strong support at $45,000. If the $44,500 support holds, attention turns to potential trend-following buy setups, targeting $48,000 resistance.
For ETH, a rejection at the lower range led to an upward move, with a retest at the $2450 level. Monitoring for buy setups, the target is the $2800 - $3000 resistance zone.
