The importance of 8K and 10K for BTC – Key levels for ETH and ADA
Bullish news but a volatile technical response - Despite the past week’s quick sell-off from resistance that saw most crypto currencies break below rising 15-dma’s, most coins remain in uptrends supporting long side exposure. As always, we find it noteworthy that despite seemingly bullish expectations regarding BTC’s halving, Paul Tudor Jones’ endorsement and news JP Morgan is increasingly engaging with crypto, BTC and ETH ping ponged between key technical resistance and support the past week. So now what?
A balanced read of BTC’s technicals leaves ammunition for both bull and bears - Why? The bears can point to BTC’s 2018-2020 downtrend being intact with resistance near 10-10.5K which is effectively where BTC reversed from last week. This is a valid point and BTC will need to rally above that resistance level to reverse the downtrend and establish a higher high to confirm a new uptrend. Conversely, for the bulls, BTC’s longer-term uptrend near its rising 200-week remains intact, and one has to respect the quick upside snap back from its 200-dma this week. In effect, BTC is in the middle of two key important technical levels between 8K and 10-10.5K that will need to be exceeded to signal BTC’s next direction move. We continue to view BTC’s longer-term ...Unlock this article by joining our Community!
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