Bitcoin (BTC) is still set to return to nearly $20,000, new analysis warns as BTC/USD attempts to retest multi-month highs.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Buy-the-dip kit for $20,700
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD will reach close to $25,000 on August 13, and has seen rejection so far.
The pair gained over $1,300 overnight, but with the bulls running out of momentum once again near the crucial resistance, few were optimistic about Bitcoin avoiding a deeper decline.
“One last one to redeem my early shorts,” the popular Il Capo of Crypto trading account told Twitter followers.
Equally cautious was fellow trader Gibbon, who said he prefers to wait and “buy higher” than the spot to rule out any trend reversal.
The most bullish was the Credible Crypto trading account, which argued that any corrections will remain bullish unless $20,700 is broken.
He commented on the accompanying chart, “Relief is up much higher than expected, but it looks like a takeover of local highs and I still think going green before continuing to 28k+ makes a lot of sense”:
“Clean up the chart a bit to make things clearer. The voiding is at 20.7k until then bullish on any dips.”
Annotated BTC/USD chart. Source: Credible Crypto / Twitter
“Target the 20-second high of $27,000-$28,000 as long as we stay above the high range,” Crypto Tony added, continuing a strategy from earlier in the week with a major support level of $24,500.
Ethereum returns to $2000 after 11-week hiatus
Meanwhile, on altcoins, Ether (ETH) was in the driving seat after the overnight increase of ETH/USD surged above $2000 for the first time since May.
Related: Crypto Market Boomed, Sentiment Improved, But Retail Isn’t Over Yet
At $2020 so far, the pair has had its best performance since May 23rd, seeking to consolidate near the highs at the time of writing.
ETH/USD (Binance) 1 day candle chart. Source: TradingView
While an on-chain material analyst has hinted that the worst is yet to come for ETH subscribers, ether’s crypto market share has crossed 20%, while bitcoin has fallen below 40%, according to data from CoinMarketCap.
Bitcoin dominance candle chart for a week. Source: TradingView
As Cointelegraph reported, a dedicated indicator is already called the start of an alternate season with a stronger signal than at any time since June 2021 this month.
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