Bitcoin (BTC) zoned in on a multi-week high for the weekly close on Feb. 6 as a calm weekend helped fragile sentiment.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Bitcoin should flip $41,000 to support
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.
“Bidding green box(es); would like to see a higher low set for continuation. Flip the 40-41k area as support and can start eyeing 47K which is PoB in confluence with yearly open and STH realized price. Final major area is 58k.”
BTC/USD annotated chart. Source: William Clemente/ Twitter
“Constructive” market needed for altcoin gains
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
— Pentoshi Forbes worst trader 40 years running (@Pentosh1) February 5, 2022
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.
ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView