Bitcoin (BTC) surged to $25,000 for the first time in months on August 14, but traders refused to risk any chance of an upside.
BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView
Weekend Produces Brief Click $25,000 BTC
Data from Cointelegraph Markets Pro and TradingView tracked a sudden increase in BTC/USD, which reached $25,050 on Bitstamp in the $350 hourly candle.
The move took the pair to a new personal best level since June 13th, erasing further losses witnessed that day in the significant BTC price correction.
However, when analyzing the market setup, the familiar bearish tones remained.
For the popular Twitter account Il Capo of Crypto, the latest spikes seem to provide the last piece of the puzzle before a new downtrend emerges.
Il Capo had previously called for a peak between $25,000 and $25,500 before Bitcoin changed direction to head lower.
In a subsequent post, they added: “$25,000 reached but no bearish signs yet on ltf.”
“We could see another rally up to 25400-25500, but the top of the bear market in IMO is very close. Most altcoins reach significant resistance levels.”
Also cautious was fellow Crypto trader Tony, who called on Bitcoin to flip the multi-month resistance range of the $24,500 range to support long consideration.
Others were hoping for a continuation of the trend, including Dave the wave, who viewed the encouraging signs on Bitcoin’s Moving Average Convergence Divergence (MACD) indicator as evidence.
MACD, the classic trend indicator, allows traders to gauge the strength of a particular chart’s trend, giving buy and sell signals on multiple time frames in the process.
He summed up that day “a lot of upward pressure building at the resistance level”:
“Weekly MACD is about to cross from an oversold position below the zero line. Bullish.”
Annotated BTC/USD chart with MACD. Source: Dave Almog / Twitter
Ether doubles on $2000
Meanwhile, a more modest rally occurred for the largest altcoin Ether (ETH), which managed to manage $2,030 per day.
Related: Bitcoin Traders Still Prefer New Lows of $20K as Ethereum Reaches $2K
After crossing the $2000 mark for the first time since May earlier this weekend, ETH/USD appears to be in consolidation mode with no significant momentum continuing.
ETH/USD 1 hour candle chart (Binance). Source: TradingView
Looking ahead, there were plenty of traders willing to bet on bullish times ahead.
“We continue to follow the structure of the last cycle perfectly and most people are still not believing. $5,000(+) for ETH isn’t just a meme,” argued Mustache along with a comparison chart of Ethereum now versus 2016-2017.
Should a rebound occur, meanwhile, Jacky’s looked at the old resistance on the ETH/BTC pair as an entry point.
ETH/USD is still circled at $2000 at the time of writing, with ETH/BTC hitting an 8-month high.
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