Bitcoin rejected after attacking $42K as trader says BTC price impulse move not 'done yet'
Bitcoin (BTC) zoned in on a multi-week high for the weekly close on Feb. 6 as a calm weekend helped fragile sentiment.
Data from Cointelegraph Markets Pro and TradingView followed a mercifully non-volatile weekend for BTC/USD, which continued to test $42,000 resistance while retaining $40,000 as support.
Friday's unexpected gap upward initially resulted in misgivings over a price "fakeout," but at the time of writing, no significant retracement had entered.
"I do not believe this Bitcoin impulse is done," popular trader and analyst TechDev announced.
Other comments focused on what could be a more sustainable price transformation, William Clemente eyeing $41,000 as a support-resistance flip to secure an attack on levels closer to $50,000 next.
"Pretty straightforward price action-wise for BTC," he tweeted in fresh analysis on the day.
Fellow trader Pentoshi meanwhile said that the time could soon be right to take a position in altcoins.
Relative: This bullish Ethereum options trade targets $3.1K ETH price with zero liquidation risk
These suffered heavily in recent months and are now primed for a turnaround should Bitcoin's own strength persist.
A few requirements Must have Bullish MS on both USD/BTC pairs or no interest Must be above 1hr + 4hr ema’s
While flat on the day, many of the top ten cryptocurrencies by market cap produced significant gains through the week, among them Ether (ETH), up nearly 16% and above $3,000 for the first time since Jan. 20.
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