Bitcoin (BTC), Ether (ETH), are expected to make a huge move but short-term signals point to a correction, an analyst said on Friday.
Do you want to buy into resistance? “Not interested”
Cointelegraph Markets Pro and TradingView data showed that both BTC/USD and Ethereum/USD were close to critical range resistance as the week ended.
A late surge the day before punctuated an overall downtrend after swift upside throughout the previous week, but Friday reinforced the idea that longer-term resistance would remain in place.
In his latest video update, Cointelegraph contributor Michael van de Poppe highlighted an area above $42,500 as necessary to reclaim in order to seek long BTC positions.
He stated that he was not bullish on Bitcoin at the moment unless it is possible to turn this level for support.
“If we have a breakout such as this, where we rally towards $45,000, and flip this zone then of course I’m going to search for longs. But right now, in the structure, I’m no interest at all.”
Similar story for ETH/USD. Also at resistance, there was little evidence that the London hard fork would lead to a significant shift in the long-term paradigm.
Bitcoin was at $40,500 at the time of writing. Ether was at $2,740. This is down from Bitstamp’s highs of $28,845.
There is no hint of bearishness long-term
Others were a bit more optimistic. Rekt Capital, a fellow analyst and trader, stated that Bitcoin was doing everything right to eliminate its old price range since May.
As Cointelegraph reported, a close above $40,000 in time for Friday’s options expiry would boost the bull case.
Ether, on the other hand, already looked set to add to bulls’ clout with its own $357-million expiry event the same day.
As always, the bullisher the take, the longer the timeframe.
“Next price discovery will be wild,” fellow trader Pentoshi forecast Thursday. He said that $250,000 could be in the future if BTC/USD breaks its $64,500 all time highs.
