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