Bitcoin traders still favor new $20,000 lows as Ether hits $2,000
Bitcoin (BTC) is still set to return to near $20,000, warns fresh analysis as BTC/USD tries to retest multi-month highs.
Buy-the-dip invalidation kit at $20,700
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD staged a second run to near $25,000 on August 13, which has so far been rejected.
The pair had gained over $1,300 overnight, but as the bulls again ran out of momentum near crucial resistance, few were optimistic that Bitcoin would avoid a deeper fall.
“One last high for straight early shorts,” popular trading account Il Capo told Crypto Twitter followers.
Likewise, co-trader Jibon, who said he would even prefer to wait and “buy higher” than the spot price to rule out any trend reversals.
If you see my tweet and buy $BTC at 18-19K, Then you are in 30% profit (without leverage).
To be honest: Right now I don’t feel safe. I want to buy higher. $BTC $ETH $SPX $NASDAQ
— Trader_J (@Trader_Jibon) 12 August 2022
More bullish was trading account Credible Crypto, which argued that any corrections would remain bullish unless $20,700 was breached.
“The relief went much higher than expected, but it looks like a grab from local highs and still think a move down to green before continuing to 28k+ makes the most sense,” he commented on an accompanying diagram:
“Cleaned up the chart a bit to make things clearer. Invalidation at 20.7k until then bullish af on any dips.”
“Targeting the high 20s of $27,000 – $28,000 as long as we stay above the high limit,” Crypto Tony addedcontinues a strategy from earlier in the week with $24,500 an important support level.
Ethereum returns to $2000 after 11-week hiatus
In altcoins, meanwhile, Ether (ETH) was in the driver’s seat after an overnight surge took ETH/USD above $2,000 for the first time since May.
Related: Crypto markets bounced and sentiment improved, but retail still doesn’t have FOMO
At $2,020 so far, the pair achieved its best performance since May 23, and was trying to consolidate near the highs at the time of writing.
While on-chain analyst Material Scientist alluded to to the worst to come for ETH bulls, Ether’s crypto market share still crossed 20%, while Bitcoin’s fell below 40%, according to data from CoinMarketCap.
As Cointelegraph reported, a dedicated indicator has already called the start of the alt season with a stronger signal than at any time since June 2021 this month.
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