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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 $43,700 resistance, BTC surged by 7.4%.

This upward momentum had a positive impact on the entire crypto market, leading to bullish movements in various altcoins, including a 6.59% rise in ETH.

7 days heatmap showing the overall bullish sentiment with BTC up by 7.4% and ETH up by 6.59%.
Crypto Heatmap 7-Days

BTC Analysis

BTC is currently hovering around a strong supply zone and the upper boundary of the red channel.

BTC 4h chart overall bullish trading inside a rising channel but approaching a strong supply at $46,560.
BTC Chart - 4H Timeframe

If the $46,560 supply is breached upwards, we expect the bulls to remain in control, resulting in a movement towards the $48,000 - $50,000 resistance.

However, the bears still have the potential to kick in, pushing the price lower and testing the lower red trendline and $43,700 support zone.

ETH Analysis

As noted in a previous analysis, ETH has broken above the previous major high at $2335, indicated in orange, and has continued to trade higher.

Currently, ETH is approaching a strong supply zone and the round number of $2500.

ETH 4h chart overall bullish trading inside a rising broadening wedge pattern and facing a the $2500 round number.
ETH Chart - 4H Timeframe

For the bullish momentum to remain in control, a breakthrough above $2500 is needed. In such a scenario, a movement towards $2670 could be anticipated.

Conversely, the bears still have the potential to kick in, driving the price downwards and to test the demand zone around $2370.

Quote of the week

Don’t focus on making money, focus on protecting what you have.
~ Paul Tudor Jones

Closing Remarks

In summary, this week BTC surged by 7.4% after breaking the $43,700 resistance, leading to bullish movements in the crypto market.

Currently consolidating around a strong supply zone, BTC may trend higher if the $46,560 resistance is breached, but bears could push it lower towards $43,700.

ETH broke above $2335 and is approaching a strong supply zone near $2500; a breakthrough could lead to $2670, while a decline may test support at $2370.

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