Bitcoin rejected after attacking $42K as trader says BTC price impulse move not ‘done yet’

Bitcoin ( $21,113.00 ) (BTC) zoned in on a multi-week high for the weekly close on Feb. 6 as a calm weekend helped fragile sentiment.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin ( $21,113.00 ) should flip $41,000 to support 

Data from Cointelegraph Markets Pro and TradingView followed a mercifully non-volatile weekend for BTC/USD, which continued to test $42,000 resistance while retaining $40,000 as support.

Friday’s unexpected gap upward initially resulted in misgivings over a price “fakeout,” but at the time of writing, no significant retracement had entered.

“I do not believe this Bitcoin ( $21,113.00 ) impulse is done,” popular trader and analyst TechDev announced.

Other comments focused on what could be a more sustainable price transformation, William Clemente eyeing $41,000 as a support-resistance flip to secure an attack on levels closer to $50,000 next.

“Pretty straightforward price action-wise for BTC,” he tweeted in fresh analysis on the day.

“Bidding green box(es); would like to see a higher low set for continuation. Flip the 40-41k area as support and can start eyeing 47K which is PoB in confluence with yearly open and STH realized price. Final major area is 58k.”

BTC/USD annotated chart. Source: William Clemente/ Twitter

“Constructive” market needed for altcoin gains

Fellow trader Pentoshi meanwhile said that the time could soon be right to take a position in altcoins.

Relative: This bullish Ethereum ( $1,233.77 ) options trade targets $3.1K ETH price with zero liquidation risk

These suffered heavily in recent months and are now primed for a turnaround should Bitcoin ( $21,113.00 ) ’s own strength persist.

A few requirements

Must have Bullish MS on both USD/BTC pairs or no interest

Must be above 1hr + 4hr ema’s

— Pentoshi Forbes worst trader 40 years running (@Pentosh1) February 5, 2022

While flat on the day, many of the top ten cryptocurrencies by market cap produced significant gains through the week, among them Ether (ETH), up nearly 16% and above $3,000 for the first time since Jan. 20.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView


Recommended For You

About the Author: cryptomaster

Leave a Reply

Your email address will not be published.