s we wrap up the week, here's a brief overview of the key technical developments in the crypto market.

7 Days Heatmap

After being rejected by the $70,000 resistance, BTC has remained within a tight range, fluctuating between $64,000 and $69,000.

This consolidation is evident across the entire cryptocurrency market, resulting in a mixture of both red and green readings on the heatmap.

7 days heatmap showing a mixture of red and green with BTC up by +1.87% and ETH down by -0.65%.
Crypto Heatmap 7-Days

BTC Analysis

As per our previous analysis, BTC rejected the $68,000 - $70,000 resistance zone and traded lower.

However, BTC is currently hovering within a narrow range from a short-term perspective between $66,450 and $70,000.

As long as the $66,450 structure holds, the bulls will remain in control short-term.

BTC 4h chart hovering within a big range in the shape of a symmetrical triangle and currently rejecting the upper bound and $68,000 resistance.
BTC Chart - 4H Timeframe

From a medium-term perspective, BTC has been forming a big symmetrical triangle marked in red.

For the bulls to maintain control and initiate the next bullish impulse movement, a breakout above the upper red trendline and $70,000 resistance level is required.

In parallel, if the last low at $66,450 is broken downward, we will anticipate a bearish correction to begin, potentially leading to a movement towards the lower bound of the triangle.

ETH Analysis

Similar to BTC, ETH has been trading within a wide range, spanning from $3,000 to $3,600.

During this week, ETH broke below the last major low marked in red at $3,430 and traded lower.

ETH 4h chart rejecting a strong resistance at $3,500.
ETH Chart - 4H Timeframe

The bears will maintain control as long as the $3,430 holds.

We anticipate a continuation towards the lower boundary of the channel and the $3,000 support level, where we will be on the lookout for new buy setups.

Quote of the week

Losers average losers.
~Paul Tudor Jones

Closing Remarks

This week, BTC traded between $64,000 and $69,000 following a rejection at $70,000, with mixed market sentiments.

BTC's short-term range remained at $66,450 to $70,000. A breakout above $70,000 is essential for bullish control, while a breach below $66,450 may initiate a bearish correction.

ETH traded within $3,000 to $3,600, breaking below the $3,430 support level. Continued movement towards $3,000 support is anticipated, with attention on potential buy setups.

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