New all-time highs are all but guaranteed when the time is right, the latest analysis claims, as both Bitcoin and altcoins take a breather.
Bitcoin (BTC) fell to test $44,000 am Aug.. 18 with traders still bullish on new all-time highs.
Augen auf $42,000 for higher low
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting local lows of $44,215 on Bitstamp overnight.
A continuation of consolidation seen on Tuesday, the latest dip marks a $3,800 comedown after Bitcoin saw rejection at $48,000 several days ago.
This was expected — seller pressure from that level and upwards remains significant, with bulls so far lacking the momentum to absorb their positions.
For popular trader Pentoshi, jedoch, this was just a temporary feature. Bitcoin, he argued on the day, “will remind everyone who the king is.”
“When it’s time to buy. I’ll be going with a $Btc heavy rotational focus for the first time this year. If 40-42k is our new HL,” part of a tweet read.
“And Bitcoin truly is to go to new ath’s. It will remind everyone who the king is. Btc leads the pack from there is far more bullish.”
Attention was thus on $42,000 support for a potential higher low construction, a level not tested since Aug. 7.
Wie Cointelegraph berichtete, should BTC/USD crush the $48,000 Widerstand, the next stop could easily be $55,000 oder mehr.
inzwischen, veteran trader Peter Brandt joined fellow trader and analyst Rekt Capital eyeing a rising wedge pattern for Bitcoin.
Rising wedge — will it fulfill its expectations or fail to launch? $BTC pic.twitter.com/tId5hmmhnl
— Peter Brandt (@PeterLBrandt) August 17, 2021
BTC/USD circled $45,300 zum Zeitpunkt des Schreibens, already up over $1,000 from earlier lows.
Ethereum retests $3,000
Gleichzeitig, it was a case of licking wounds for major altcoins, which lost out to Bitcoin on daily timeframes.
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Raus aus der Spitze 50 Kryptowährungen nach Marktkapitalisierung, daily losses of 7% were not uncommon, während Äther (ETH) returned to challenge $3,000 Unterstützung.
High flyer Solana (SOL) retained most of its previous gains, hovering at $68 at the time of writing while still up 60% in der letzten Woche.
“General dip across the Altcoin Market looks to be in progress right now,” Rekt Capital summarized. He added that the weekly close for the combined altcoin market cap had nonetheless been “fantastic.”