Bitcoin (BTC), which is due to reach near $20,000, has received fresh analysis warning that BTC/USD will attempt to retest multimonth highs.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Set of Buy-the-DIPs for Invalidation starting at $20,700
Cointelegraph Markets Pro and TradingView data showed that BTC/USD had a second run-up to close $25,000 on Aug. 13. This was despite the fact that it is still seeing rejection.
Although the pair gained more than $1,300 overnight bulls ran out of momentum at crucial resistance. Few were optimistic that Bitcoin would avoid a deeper fall.
Popular trading account Il Capo of Crypto tweeted, “One last high to revkt early shorts.”
Jibon, a fellow trader, was similarly cautious. He stated that he would prefer to wait and “buy high” than the spot price in order to eliminate any trend reversals.
You can make 30% profit if you follow my tweet and purchase $BTC at 18-19K. Sincerely, I say, Right now, it’s not safe. I will purchase more. $BTC $ETH $SPX $NASDAQ
— August 12, 2022, Trader_J (@Trader_Jibon).
Credible Crypto, a trading account, was more bullish. Credible Crypto argued that corrections would still be bullish, unless $20,700 was broken.
He commented on the accompanying chart, “Relief went much higher than expected but still looks like a Liq grab of local highs. I still think a move to green before continuing to 28k+ makes the most sense.”
“Cleaned up the chart to make it more clear. Bullish af on all dips until invalidation at 20.7k
BTC/USD chart annotated Source: Credible Crypto/ Twitter
Crypto Tony said, “Targeting high-20s of $27,000- $28,000 as long we remain above the range High,” continuing his strategy earlier in the week. $24,500 was a key support level.
After an 11-week hiatus, Ethereum is back at $2,000
Altcoins meanwhile saw Ether (ETH), who was in control after an overnight surge lifted ETH/USD to $2,000 for only the second time since May.
Similar: While crypto markets rebounded and sentiment improved in the last few months, retail is still not FOMO.
The pair has achieved its highest performance since May 23rd at $2,020, and is now attempting to hold near the highs of the writing period.
ETH/USD 1-day candle charts (Binance). Source: TradingView
Material Scientist, an on-chain analyst, said that the worst was yet to come for ETH bulls. However, Ethereum’s crypto market share still exceeded 20% while Bitcoin’s fell below 40% according to CoinMarketCap data.
Bitcoin dominance 1-week candle chart. Source: TradingView
Cointelegraph reported that a dedicated indicator has been identified as the beginning of “alt-season” and it is showing a stronger signal than any other time since June 2021.
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