Buying resistance? “Not interested in”
A sort of Late surge The day before broke the overall downtrend after a rapid rise the previous week, but Friday strengthened the idea that long-term resistance will continue to exist.
In his recent Video update, Cointelegraph writer Michaël van de Poppe emphasized the need to recover the area above $42,500 in order to seek long BTC positions.
“I refuse to be bullish on Bitcoin at this stage unless we can flip this level to gain support,” he said.
“If we had such a breakthrough and we bounced back to $45,000 and flipped this area, then, of course, I would look for bulls, but now, in this structure, I am not interested at all.”
A similar story applies to ETH/USD, again at a resistance level, and there is little evidence that the buzz surrounding the London hard fork will trigger a clear change in the long-term paradigm.
At the time of writing, the price of Bitcoin is $40,500 and the price of Ethereum is $2,740, which is lower than Bitstamp’s high of $2,845.
No long-term bearish signs
Others are slightly more optimistic. Trader and analyst Rekt Capital believes that Bitcoin is doing “everything right” in order to get out of the previous price range since May.
— Rekt Capital (@rektcapital) August 6, 2021
As Cointelegraph Report, Closing above $40,000 before the option expires on Friday will boost the bull market.
On the other hand, Ether looks ready to use its own power to increase the influence of the bulls US$357 million Events due on the same day.
As always, the longer the time frame, the more bullish it is.
“The next price discovery will be crazy,” trader Pentoshi forecast Thursday. He said that if BTC/USD can break through the current historical high of 64,500 USD, it may reach 250,000 USD next.