Bitcoin (BTC) rebounded at $ 46,000 support on Aug. 14 after an attempt to crack a large resistance resulted in a rejection.
Bitcoin declines at $ 48,000. away
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD surged on Saturday to break a huge selling wall, only to return to Friday’s levels.
As Cointelegraph reported, the area of seller pressure above $ 47,000 was an impressive feature on the daily chart all week, with Bitcoin taking several days to prepare for its attack.
In this case, the wall was only partially broken before momentum subsided and BTC / USD returned to more familiar territory.
At the time of writing, the BTC price action was centered around $ 46,500, a classic “Bart Simpson” structure that characterizes the moves for the past 24 hours.
“Nothing special about this move, it’s just typical for a weekend,” said Cointelegraph employee Michaël van de Poppe.
“However, the zone of strong resistance between $ 47,000 and $ 49,000 has been reached, and no breakthrough has occurred for Bitcoin. Be careful. “
Appropriate volume would be required to sustain another run-up and flip new resistance levels in support – a breakout without this volume could ultimately fail and cost overly optimistic traders
The trading colleague and analyst Rekt Capital, meanwhile, has been keeping an eye on the imminent daily close to confirm the support zone of USD 46,000 reached a few days ago.
#BTC is currently in a retest attempt of its ascending triangle
A 4HR Close above the top of the triangle would be great (left diagram)
Ultimately, however, a close of the day will be most important to confirm the recent breakout (right graphic) $ BTC #Crypto #Bitcoin https://t.co/jZGfijA4K0 pic.twitter.com/KZQZyA0HeK
– Rekt Capital (@rektcapital) August 14, 2021
Sentiment remained good on Saturday, however, as several signals indicated the potential for another uptrend.
The good times are rolling for Cardano
At Altcoins, Cardano’s ADA tokens continued to impress among the top 50 cryptocurrencies by market cap, gaining 8% on the day to hit and top $ 2.20.
Related: Price analysis 8/13: BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, SOL, LTC
After cementing the USD 2 support, ADA / USD hit its highest level since mid-May, when it hit an all-time high of USD 2.50 in Bitcoin amid a sea of change.
Elsewhere, major altcoins remained unchanged, with the exception of XRP, which delivered 13% daily gains to $ 1.20.
The total capitalization of the cryptocurrency market was $ 1.97 trillion.