Bitcoin (BTC) came back to range resistance on August. 17 among ongoing concerns that the retracement is imminent.
No success for Bitcoin bulls
Data from Cointelegraph Markets Pro and TradingView demonstrated BTC/USD hitting $24,448 on Bitstamp, up 3.25% in the previous day’s low before diving $600 within an hour or so.
The momentum acquired speed at the time, however the bulls faced familiar resistance at levels keeping them broadly under control since mid-June. Yesteryear week’s journeys to $25,000 and beyond continued to be brief breakouts beyond a 2-month cost ceiling.
Analyzing the scenario, veteran trader Peter Brandt eyed an increasing wedge setup happening for Bitcoin with $20,700 since it’s beginning point.
On-chain monitoring resource Material Indicators was less convinced concerning the remaining power of the present rally.
Uploading an overview from the Binance order book on August. 16, it taken the resistance now stopping Bitcoin from sealing further gains, adding the setup “resembles prior local tops.”
“Bid liquidity is thin, however that has a tendency to change after support sheds,” further comments mentioned.
Trader Il Capo of Crypto, meanwhile, bending lower on the forecast involving BTC/USD reaching no more than $25,500 before heading considerably lower.
Fellow trader Crypto Chase flagged underwhelming BTC performance versus stocks, particularly the S&P 500 since This summer.
“$ES has mostly satisfied my conjecture,” he authored:
”$BTC however is really battling amongst an up-only S&P500 (ES). A bear much like me expected a lot more from BTC. I believe this talks to how weak crypto is still which big bucks most definitely prefers S&P500 over crypto atm.”
Ether shies from $2,000
On altcoins, Ether (ETH) briefly came within $50 from the $2,000 mark once again before reversing lower in line with BTC.
Related: Bitcoin traders anticipate new yearly lows after BTC’s $25K rejection — Data doesn’t agree
The biggest altcoin by market cap have been outshined by Dogecoin (DOGE) your day prior, DOGE/USD gaining more than 11% at the time before cooling.
Trader Wolf nevertheless revealed a bull flag for Ether’s moving average convergence/divergence (MACD) indicator on weekly timeframes.
“There’s a lot disbelief within this reversal which i might raise my target from to two.5ks to three.2ks,” he added inside a subsequent Twitter publish at the time.
The views and opinions expressed listed here are exclusively individuals from the author and don’t always reflect the views of Cointelegraph.com. Every investment and buying and selling move involves risk, you need to conduct your personal research when making the decision.
