Bitcoin (CRYPTO: BTC) is struggling to maintain key support levels, whereas Ethereum (CRYPTO: ETH) is holding rather well during recent volatility, according to a prominent market analyst.
What Happened: In a podcast published on Aug.18, analyst Trader Mayne analyzed Bitcoin’s swing failure pattern (SFP) during the last week, noting that 13 of the past 15 occurrences produced a reaction.
hile acknowledging this as a bearish signal, he stressed that the price can still defy expectations.
Mayne observed that Bitcoin is currently trading within a range of roughly $110,000 to $125,000, with $110,000 serving as a key weekly support level and the first retest of weekly orders after making a fresh high. Despite the presence of a bearish SFP, Mayne maintains a bullish outlook based on higher timeframe structure.
He outlined two primary long scenarios: targeting a reclaim …