Bitcoin price sees firm rejection at $24.5K as traders doubt strength

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Bitcoin (BTC) returned to vary resistance on Aug. 17 amid ongoing considerations {that a} retracement is imminen.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

No success for Bitcoin bulls

Knowledge from Cointelegraph Markets Pro and TradingView confirmed BTC/USD hitting $24,448 on Bitstamp, up 3.25% from the previous day’s low earlier than diving $600 in below an hour.

Momentum gained velocity on the day, however bulls confronted acquainted resistance at ranges holding them broadly in verify since mid-June. The previous week’s journeys to $25,000 and past remained transient breakouts past a two-month value ceiling.

Analyzing the situation, veteran dealer Peter Brandt eyed a rising wedge setup in progress for Bitcoin with $20,700 as its place to begin.

On-chain monitoring useful resource Materials Indicators was much less satisfied in regards to the endurance of the present rally.

Uploading a snapshot of the Binance order e book on Aug. 16, it captured the resistance now stopping Bitcoin sealing additional beneficial properties, including that the setup “resembles prior native tops.”

“Bid liquidity is form of skinny, however that tends to alter after assist is misplaced,” additional feedback said.

BTC/USD order e book chart (Binance). Supply: Materials Indicators/ Twitter

Dealer Il Capo of Crypto in the meantime doubled down on a forecast involving BTC/USD reaching a most of $25,500 earlier than heading considerably decrease.

Fellow dealer Crypto Chase flagged underwhelming BTC efficiency versus shares, particularly the S&P 500 since July.

“$ES has largely fulfilled my prediction,” he wrote

$BTC alternatively is actually struggling amidst an up-only S&P500 (ES). Even a bear like me anticipated way more from BTC. I feel this speaks to how weak crypto nonetheless is and that large cash most definitely prefers S&P500 over crypto atm.

BTC/USD vs. S&P 500 mini futures 1-day candle chart. Supply: TradingView

Ethereum shies away from $2,000

On altcoins, Ethereum (ETH) briefly got here inside $50 of the $2,000 mark as soon as extra earlier than reversing decrease in line with BTC.

Associated: Bitcoin traders anticipate new yearly lows after BTC’s $25K rejection — Data disagrees

The biggest altcoin by market cap had been outshined by Dogecoin (DOGE) the day prior, DOGE/USD gaining in extra of 11% on the day earlier than cooling.

ETH/USD 1-hour candle chart (Binance). Supply: TradingView

Dealer Wolf nonetheless revealed a bull flag for Ethereum’s shifting common convergence/divergence (MACD) indicator on weekly timeframes.

“There’s a lot disbelief on this reversal that I’d elevate my goal from to 2.5ks to three.2ks,” he added in a subsequent Twitter submit on the day.

The views and opinions expressed listed here are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, it’s best to conduct your individual analysis when making a choice.