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 en agosto. 18 with traders still bullish on new all-time highs.
Eyes on $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, sin embargo, 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.
Como informó Cointelegraph, should BTC/USD crush the $48,000 resistencia, the next stop could easily be $55,000 o más.
mientras tanto, 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) agosto 17, 2021
BTC/USD circled $45,300 en el momento de escribir, already up over $1,000 from earlier lows.
Ethereum retests $3,000
Al mismo tiempo, it was a case of licking wounds for major altcoins, which lost out to Bitcoin on daily timeframes.
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Fuera de la cima 50 cryptocurrencies by market cap, daily losses of 7% were not uncommon, mientras que Ether (ETH) returned to challenge $3,000 apoyo.
High flyer Solana (SOL) retained most of its previous gains, flotando en $68 at the time of writing while still up 60% durante la semana pasada.
“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.”
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