Bitcoin (Bitcoin) returned to range resistance on Aug. 17 amid ongoing fears of an imminent retracement.
No Success for Bitcoin Bulls
Momentum picked up on the day, but the bulls faced familiar resistance, reaching generally subdued levels since mid-June. His trip to over $25,000 last week was only a brief breakout above the two-month price cap.
under analysis In this scenario, veteran trader Peter Brandt noted that Bitcoin’s rising wedge setup is underway, starting at $20,700.
On-chain monitoring resource Material Indicators was less confident about the current rally’s staying power.
Uploading A snapshot of Binance’s order book on Aug. 16 caught resistance and prevented Bitcoin from capping any further rally, adding that the setup “similar to previous local tops.”
“Liquidity in bidding is somewhat thin, but tends to change after support is lost,” further commented.
Meanwhile, Crypto trader Il Capo said: doubled It is based on our prediction that BTC/USD will hit the $25,500 maximum and then drop significantly.
Fellow trader Crypto Chase has flagged BTC’s underwhelming performance against stocks, especially the S&P 500, since July.
“$ES has pretty much met my expectations,” he said. I have written:
Meanwhile, $BTC is really struggling amid the S&P500 (ES) only rally. Even bears like me expected more from BTC. I think this speaks to how fragile cryptocurrencies are still. That big money definitely prefers the S&P500 to cryptocurrency ATMs. ”
Ether moves away from $2,000
In altcoins, Ether (ethereum) briefly fell within $50 of the $2,000 mark before falling in line with BTC.
The largest altcoin by market capitalization is Dogecoin (Doge) Day before, DOGE/USD rises above 11% on the eve of cooling.
still trader wolf clearly Bullish flag for the weekly timeframe of the Ether Moving Average Convergence/Divergence (MACD) indicator.
“There are so many incredible things about this reversal that we may raise our target from 2.5ks to 3.2ks,” he said. Added In a subsequent Twitter post that day.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements involve risk. You should do your own research when making a decision.