Bitcoin Hits New 6-Week High as Ethereum Liquidates Another $240M in Shorts
Retail traders repeat past mistakes again and again, analysis concludes as bulls smoke late BTC and ETH shorts.
Market Update
Bitcoin (BTC) attempted to rally $21,000 on October 29 as weekend trading got off to a good start.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it rebounded overnight to hit local highs of $21,078 on Bitstamp, enough to hit new highs in six weeks.
The pair had seen a consolidation phase ensue after its first trip to the $21,000 mark, the first time it had traded above $21,000 since September 13.
>The subsequent retracement was modest in nature, with Bitcoin not even testing $20,000 before reversing once again.
The end of the Wall Street trading week saw BTC price action trail US stocks, with the S&P 500 and the Nasdaq Composite Index ending October 28 up 2.5% and 2.9 %, respectively.
In his latest Twitter update, popular Crypto trader and analyst Il Capo maintained an existing theory of how the short-term price action would play out.
"Ditto," he summed up next to a chart showing potential upside and downside target levels.
Retail traders repeat past mistakes again and again, analysis concludes as bulls smoke late BTC and ETH shorts.
Market Update
Bitcoin (BTC) attempted to rally $21,000 on October 29 as weekend trading got off to a good start.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it rebounded overnight to hit local highs of $21,078 on Bitstamp, enough to hit new highs in six weeks.
The pair had seen a consolidation phase ensue after its first trip to the $21,000 mark, the first time it had traded above $21,000 since September 13.
>The subsequent retracement was modest in nature, with Bitcoin not even testing $20,000 before reversing once again.
The end of the Wall Street trading week saw BTC price action trail US stocks, with the S&P 500 and the Nasdaq Composite Index ending October 28 up 2.5% and 2.9 %, respectively.
In his latest Twitter update, popular Crypto trader and analyst Il Capo maintained an existing theory of how the short-term price action would play out.
"Ditto," he summed up next to a chart showing potential upside and downside target levels.
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