Bitcoin and Ethereum hit resistance with $42.5K flip needed for BTC longs
One analyst says he is “not interested at all” in trading current levels as clear long-term resistance stays in play for both cryptocurrencies.
Bitcoin (BTC) and Ether (ETH) are due for a “huge” move, but short-term signals suggest a correction, an analyst warned on Friday.
Data from Cointelegraph Markets Pro and TradingView showed both BTC/USD and ETH/USD acting near critical range resistance as the week drew to a close.
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.
At the time of writing, Bitcoin focused on $40,500, with Ether on $2,740, down from highs of $2,845 on Bitstamp.
Others were slightly more optimistic, with fellow trader and analyst Rekt Capital arguing that Bitcoin was doing “everything right” in order to ditch its previous price range in place 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.
“Next price discovery will be wild,” fellow trader Pentoshi forecast Thursday. Should BTC/USD manage to break its current $64,500 all-time highs, he said, $250,000 could follow.
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