The price of bitcoin (BTC) must approach $20,000 againwarns a new analysis as BTC/USD attempts to retest multi-month highs.
The “buy during the low” will be invalidated at $20,700
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair staged a second rally near $25,000 on August 13, which was rejected.
The pair had earned more than $1,300 overnightbut how bulls ran out of momentum again near crucial resistanceFew were optimistic that bitcoin would avoid a deeper drop.
“One last high to challenge early short seekerspopular trading account Il Capo of Crypto told his Twitter followers.
Another trader, Jibon, was similarly cautious and he claimed that even preferred to wait and “buy higher” than the spot price to rule out any change in trend.
If you see my tweet and buy $BTC at 18-19K, Then you are in 30% profit (without leverage).
Honestly saying, Right now, I don’t feel Safe. I will buy higher. $BTC $ETH $SPX $NASDAQ
— Trader_J (@Trader_Jibon) August 12, 2022
If you see my tweet and buy BTC at 18,000-19,000 then you are at 30% profit (no leverage).
Honestly speaking, right now, I don’t feel safe. I will buy higher. $BTC $ETH $SPX $NASDAQ
More bullish was the Credible Crypto trading account, arguing that any correction would still be bullish unless $20,700 is broken.
“The relief was a bit higher than expected, looks more like a liquidity grab from local highs and I still think a move lower before continuing to 28,000+ makes more sense“, commented in an attached chart.
“I’ve cleaned up the chart a bit to make things clearer. Invalidation at 20,700 so far very bullish on any downside.”
“Targeting highs of $27,000-$28,000 as long as we stay above the highs of the $20,000 range“, added Crypto Tony, continuing a strategy from earlier in the week with $24,500 as a key support level.
Ethereum returns to $2,000 after 11 weeks of stagnation
Among altcoins, meanwhile, Ether (ETH) was leading after an overnight surge took the ETH/USD pair above $2,000 for the first time since May.
$2,020 so far, the pair’s best performance since May 23, looking to consolidate near press time highs.
While the on-chain Material Scientist analyst indicated that the worst was yet to come for the ETH bulls, cryptocurrency market cap share for Ethereum exceeded 20%while that of bitcoin fell below 40%, according to data from CoinMarketCap.
As Cointelegraph reported, a dedicated indicator has this month signaled the start of “altcoin season” with a stronger signal than at any time since June 2021.
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