s we wrap up the week, here's a brief overview of the key technical developments in the crypto market.
7 Days Heatmap
After bouncing off the $68,000 support, BTC surged by 6.79%, pulling the entire market upward.
Yet, a majority of altcoins swiftly rebounded, creating a blend of both red and green on the heatmap.
BTC Analysis
As per our previous analysis, BTC rejected the $60,000 - $62,000 support zone and traded higher.
However, BTC is currently hovering within a narrow range between $68,500 and $71,600..
For the bulls to maintain control and initiate the next bullish impulse movement, a breakout above the $71,600 resistance level is required.
In parallel, if the last low at $68,500 is broken downward, we will anticipate a bearish correction to begin, potentially leading to a movement towards the lower red trendline.
ETH Analysis
ETH has been overall bullish from a medium-term perspective trading within the rising channel in red.
However, it is currently hovering within a narrow range between $3,430 and $3,680.
To sustain bullish momentum, a breakout above $3,680 is required. In this scenario, we anticipate a continuation towards the upper red trendline and the $4,000 mark.
In parallel, should the recent low highlighted in red at $3,430 be breached downward, we anticipate a shift in momentum from bullish to bearish.
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's crypto market saw BTC rebound by 6.79%, lifting the entire market, while altcoins showed mixed performance.
BTC remains within the $68,500 to $71,600 range, with a breakout above $71,600 crucial for bullish momentum.
Meanwhile, ETH is trading between $3,430 and $3,680, requiring a breakout above $3,680 to sustain bullish momentum. A breach below $3,430 could signal a bearish shift.
