s we conclude this week, here's a concise summary of the key technical developments in the crypto market.
7 Days Heatmap
The first week of 2024 has been a bit choppy. BTC is stuck in a range but moved higher, while many altcoins, including ETH, ended the week on a bearish note.
BTC has maintained a modestly bullish trend for nearly a month, showing little variation this week.
Presently positioned within both a rising channel and a horizontal range, we anticipate potential trend-following buy setups as it approaches the lower range boundary at around $41,500.
For the bulls to sustain control, a breakthrough above the local resistance at $44,850 (highlighted in red) is crucial.
Such a move could propel BTC towards the upper limit of the orange channel, potentially targeting the $48,000 resistance zone.
ETH has exhibited range-bound behavior for an entire month.
A breach below the $2100 support may initiate a bearish correction, targeting the $1750 support zone.
Conversely, a breakout above $2450 could signal a continuation towards the $2800 - $3000 weekly resistance zone.
Meanwhile, short-term trading within the range is anticipated until a decisive breakout occurs.
Quote of the week
Limit your size in any position so that fear does not become the prevailing instinct guiding your judgment. ~ Joe Vidich
In summary, the first week of 2024 in the crypto market has been mixed.
Bitcoin (BTC) maintains a modestly bullish trend, trading within a range with potential buy setups. A breakthrough above $44,850 is crucial for sustained bullish control.
Ethereum (ETH) shows range-bound behavior, with a bearish outlook below $2100 and a bullish continuation above $2450.
Short-term trading within the range is expected for both BTC and ETH until decisive breakouts occur.