bitcoin ( BTC ) hit a multi-week high for the Feb. 6 weekly close as a quiet weekend helped weaken sentiment. BTC/USD 1 hour candle char...
bitcoin (BTC) hit a multi-week high for the Feb. 6 weekly close as a quiet weekend helped weaken sentiment.
Bitcoin should return $41,000 to support
Data from Cointelegraph Markets Pro and TradingView followed a thankfully non-volatile weekend for BTC/USD, which continued to test the $42,000 resistance while holding $40,000 as support.
Friday unexpected upward deviation initially raised doubts about a “falsified” price, but at the time of writing no significant retracements had entered.
“I don’t believe this bitcoin pulse is over,” popular trader and analyst TechDev announcement.
Further commentary focused on what could be a more sustainable price transformation, with William Clemente eyeing $41,000 as a reversal of support resistance to secure an attack on levels closer to $50,000 next.
“Pretty simple price action for BTC,” he tweeted in a new analysis that day.
“Auction green box(es); I would like to see a higher low set to continue. Flip the 40-41k area as support and can start aiming for 47K which is PoB in confluence with the yearly opening price and realized STH. The final main area is 58k.”
‘Constructive’ market needed for altcoin gains
Meanwhile, fellow trader Pentoshi said the time may soon be right to take a stand on altcoins.
Relative: This bullish Ethereum options trade targets a price of $3.1K ETH with zero liquidation risk
Those suffered a lot the past few months and are now poised for a reversal if Bitcoin’s strength persists.
Some requirements
Must have bullish MS on both USD/BTC pairs or no interest
Must be more than 1h + 4h ema
— Pentoshi Forbes is the worst trader in 40 years (@ Pentosh1) February 5, 2022
Although flat on the day, many of the top ten cryptocurrencies by market capitalization produced significant gains throughout the week, among them Ether (ETH), up nearly 16% and above $3,000 for the first time since Jan. 20.
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