[New post] Bitcoin and Ethereum hit resistance with $42.5K flip needed for BTC longs
Crypto Breaking News posted: "Bitcoin (BTC) and Ether (ETH) are due a "huge" move but short-term signals suggest a correction, an analyst warned Aug. 6.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBuy into resistance? "Not interested"Data from Cointelegraph Markets Pro a"
Bitcoin (BTC) and Ether (ETH) are due a "huge" move but short-term signals suggest a correction, an analyst warned Aug. 6.
Buy into resistance? "Not interested"
Data from Cointelegraph Markets Pro and TradingView showed both BTC/USD and ETH/USD acting near critical range resistance as the week drew to a close.
A late surge the day before punctuated an overall downtrend after swift upside throughout the previous week, but Friday reinforced the idea that longer-term resistance would remain in place.
In his latest video update, Cointelegraph contributor Michael van de Poppe highlighted an area above $42,500 as necessary to reclaim in order to seek long BTC positions.
"I refuse to become bullish on Bitcoin at this stage unless we are able to flip this level for support," he said.
"If we have a breakout like this in which we rally towards $45,000 and flip this zone, then of course I'm going to look for longs, but right now in this structure I'm not interested at all."
A similar story held true for ETH/USD, also at resistance, with little evidence that the buzz around the London hard fork would spark a definitive change in the longer-term paradigm.
At the time of writing, Bitcoin focused on $40,500, with Ethereum on $2,740, down from highs of $2,845 on Bitstamp.
No hint of long-term bearishness
Others were slightly more optimistic, with fellow trader and analyst Rekt Capital arguing that Bitcoin was doing "everything right" in order to ditch its previous price range in place since May.
As ever, the longer the timeframe, the more bullish the take.
"Next price discovery will be wild," fellow trader Pentoshi forecast Thursday. Should BTC/USD manage to break its current $64,500 all-time highs, he said, $250,000 could follow.
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