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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 above the $53,000 range, BTC soared by 19.7%, marking one of its most impressive weeks in the past 2 years.

This parabolic rise influenced the entire market positively, with ETH also experiencing a notable 13.5% increase.

7 days heatmap showing bullish sentiment across the entire crypto market with BTC up by 19% and ETH up by 13%.
Crypto Heatmap 7-Days

BTC Analysis

After a significant bullish rally from $53,000 to $64,000, BTC encountered resistance near the upper boundaries of both the red and orange wedge patterns.

To remain in control, the bulls would need to secure a breakout above the $65,000 level.

BTC 4h chart overall bullish trading inside two wedge patterns. However it is currently hovering around the upper bound of the wedge patterns.
BTC Chart - 4H Timeframe

In parallel, if the last low marked in red at $59,500 is broken downward, we expect a bearish correction to start, resulting in a movement towards the $56,000 demand zone.

ETH Analysis

This week, ETH surged above the $3000 resistance, skyrocketing to $3500 in less than four days.

Currently, ETH is rejecting the upper bound of the red wedge pattern.

For the bulls to maintain control long-term, a break above the $3500 resistance is needed. In such a scenario, a continuation toward the $4000 resistance is anticipated.

ETH 4h chart showing the overall bullish trend within the rising wedge pattern.
ETH Chart - 4H Timeframe

In parallel, if the last low marked in red at $3200 is broken downward, we expect a bearish correction to start, resulting in a movement towards the $3000 support level.

Quote of the week

The goal of a successful trader is to make the best trades. Money is secondary.
~Alexander Elder

Closing Remarks

In summary, this week, we witnessed significant bullish movements in the crypto market, with Bitcoin rising by 19.7% after surpassing $53,000, and Ethereum climbing 13.5%.

BTC faces resistance around $65,000, while ETH needs to break above $3,500 for sustained bullish momentum.

Both may experience bearish corrections if support levels are breached, with BTC potentially dropping to $56,000 and ETH to $3,000.

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