Bitcoin (BTC) spiked through $25,000 the very first time in several weeks on August. 14, but traders declined to consider a chance on the bull run.
Weekend produces brief $25,000 tap for BTC
Data from Cointelegraph Markets Pro and TradingView tracked an abrupt run-on BTC/USD, which hit $25,050 on Bitstamp inside a $350 hourly candle.
The move required the happy couple to a different personal best since June 13, erasing a lot of losses observed that day with what remains a substantial BTC cost correction.
Analyzing the marketplace setup, however, familiar bearish tones continued to be.
For popular Twitter account Il Capo of Crypto, the most recent highs made an appearance to supply the final bit of the puzzle before a brand new downtrend occur.
Il Capo had formerly known as for any peak of $25,000-$25,500 before Bitcoin altered direction to mind lower.
Tiny bit greater and
— il Capo Of Crypto (@CryptoCapo_) August 13, 2022
“$25k arrived at but no bearish signs yet on ltf,” it put in a subsequent publish.
“We’re able to see another advantage to 25400-25500, but imo the top of the this bear market rally is extremely close. Most altcoins are reaching major resistances.”
Careful too was fellow trader Crypto Tony, who required Bitcoin switch its multi-month range resistance at $24,500 to aid to think about lengthy positions.
Searching for your range high switch into support before i turn to re lengthy legends pic.twitter.com/UQ99hWO8w4
— Crypto Tony (@CryptoTony__) August 14, 2022
Others were hopeful of trend continuation, including Dave the wave, who eyed encouraging signs on Bitcoin’s moving average convergence divergence (MACD) indicator as proof.
A vintage trend indicator, MACD enables traders to determine the effectiveness of a specific chart trend, giving purchase and sell signals over multiple timeframes along the way.
“Lots of upward pressure building at an amount of resistance,” he summarized at the time.
“Weekly MACD going to mix from your over-offered position well underneath the zero-line. Bullish.”
Ethereum double lower on $2,000
A far more modest spike meanwhile performed out for largest altcoin Ethere (ETH), which managed $2,030 at the time.
Related: Bitcoin traders still favor new $20K lows as Ethereum hits $2K
After passing the $2,000 mark the very first time since May earlier within the weekend, ETH/USD made an appearance to stay in consolidatory mode without any significant momentum ongoing.
Searching forward, however, there have been lots of traders prepared to bet on bullish occasions ahead.
“We still stick to the structure from the last cycle perfectly and many people are still in disbelief. $5.000 Dollar (+) for $ETH is not only a meme,” Moustache contended alongside a comparative chart of Ethereum now versus 2016-17,
Should a retracement occur, meanwhile, Jackis eyed old resistance around the ETH/BTC pair being an access point.
Just how can anybody be bearish on #Ethereum & #ETH / #BTC here’s beyond me.
This is actually the macro chart so we got a 2M breaker.
Once we obtain the retest of .0725 I will be putting in a bid with my networth targeting .115
Bullish for the following 2 yrs pic.twitter.com/CYRxNaMfLF
— JACKIS (@i_am_jackis) August 13, 2022
ETH/USD still circled $2,000 during the time of writing, with ETH/BTC hitting 8-month highs.
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