Bitcoin traders still favor new $20,000 lows as Ethereum hits $2,000

Bitcoin traders still favor new $20,000 lows as Ethereum hits $2,000

Bitcoin (BTC) is not yet back to close to $20,000, a new analysis warns that the BTC/USD pair is looking to retest multi-month highs.

1-hour candlestick chart of the BTC/USD pair (Bitstamp). Source: Trade View

Down purchases should be voided at $20,700

Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair saw a second rally to close to $25,000 on August 13, but it has been rejected so far.

​​​​The pair gained over $ 1,300 overnight, but as the bulls ran out of momentum near critical resistance, not many were optimistic that bitcoin could avoid a deeper fall.

“Final high to withdraw early short positions,” popular trading account Il Capo of Crypto told his Twitter followers.

Another trader, Jibon, was equally cautious and said he preferred to wait and “buy higher” than the spot price to rule out any trend reversal.

Equally careful, colleague Jibon declared that he would even prefer to wait and “buy higher” than the spot price to rule out any trend reversal.

If you see my tweet and buy BTC at $18-19,000, you have a 30% profit (no leverage). Honestly, right now, I don’t feel safe. I will buy higher. BTC, ETH, SPX, NASDAQ. — Trader_J (@Trader_Jibon) August 12, 2022

More bullish was the Credible Crypto trading account, which argued that there would still be any corrections if it did not break $20,700.

“Relief went much higher than expected but looks like a liq bite on the local highs and still think about changing to green before continuing to 28k+ most sense ,” he said. said on an accompanying chart.

Credible Cryptolus trading account was even more bullish and even said that any correction would still be bullish if the $20,700 line is not broken.

“The relief has gone a bit higher than expected, but it looks like liquidity is coming from the highs and I still think it makes more sense to move green before continuing towards 28,000+ ,” he said.

“I cleaned up the chart a bit to make things clearer. Invalidate at 20,700, until there is an upside move on all lows.”

BTC/USD annotated chart. Source: Credible Crypto / Twitter

“Targeting the $27,000-28,000 platforms while we stay above the top of the range,” said added Crypto Tony, following an early week strategy with $24,500 as a key support level.

Ethereum returns to $2,000 after an 11-week hiatus.

On altcoins, meanwhile, Ether (ETH) was in the driving seat after an overnight surge took ETH/USD above $2,000 for the first time since May.

Also read: Cryptocurrency markets surged and sentiment improved, but retailers still haven’t gotten over their FOMO

At $2,020 so far, the pair has been the best performer since May 23, looking to consolidate near the highs at the time of writing.

ETH/USD 1-day candlestick chart (Binance). Source: Trade View

While the channel analyst Content Scientist to be known While the worst was yet to come for ETH proponents, Ethereum still held a higher cryptocurrency market share of 20%, while Bitcoins fell below 40%, according to data from CoinMarketCap.

Weekly candle chart of bitcoin dominance. Source: Trade View

As reported by Cointelegraph, a dedicated indicator has already started a “section season” with a stronger signal than at any time since June 2021 this month.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of All investments and transactions involve risk. You should do your own research before making a decision.

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