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

No success for Bitcoin bulls

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

The momentum gained velocity on the day, however the bulls confronted acquainted resistance at ranges retaining them broadly in verify since mid-June. The previous week’s journeys to $25,000 and past remained temporary 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 ebook on Aug. 16, it captured the resistance now stopping Bitcoin from sealing additional positive aspects, including that the setup “resembles prior native tops.”

“Bid liquidity is sort of skinny, however that tends to vary after help is misplaced,” additional feedback acknowledged.

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 principally fulfilled my prediction,” he wrote:

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

Ether shies away from $2,000

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

Bitcoin merchants anticipate new yearly lows after BTC’s $25K rejection — Information disagrees

The most important 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.

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

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

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