Written by William Subergstaff writerReviewed by Allen Scottstaff editorBitcoin rejected after attacking $42K as trader says BTC price impulse move not ‘done yet’
MarketsPublishedFeb 6, 2022
A second run on the $42,000 mark comes amid demands for $41,000 to become support to secure bullish continuation.
Bitcoin (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 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 impulse is done,” popular trader and analyst TechDev announced.https://twitter.com/TechDev_52/status/1489999528187019268/photo/1
Other comments focused on what could be a more sustainable price transformation, with 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 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’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 10 cryptocurrencies by market capitalization produced significant gains through the week — among them was 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
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