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 ...Reports you may have missed
BITCOIN (BTC) “CRYPTO-WINTER” LOOKS TO BE OVER. A BULLISH 2024 LOOKS LIKELY TECHNICALLY FOLLOWING A 1Q CONSOLIDATION. Bitcoin looks to be giving off strong signals that the crypto-winter that has kept most coins in bear markets over the last couple years has finally run its course. The act of having taken the lead ahead of many cryptocurrencies in finally surpassing the 50% retracement area of its entire decline from 2021...
Tuesday produced nearly a textbook breakout which not only exceeded late June and early July highs in ^SPX -0.09% , but also successfully exceeded 3-4 month downtrends for ^SPX -0.09% and DJIA 0.39% . Seven of the 11 S&P Select SPDR ETF’s were higher by more than 3%, and volume was nearly 10/1 bullish on NYSE and NASDAQ, producing a “90% Up day” in volume. Hourly charts show this breakout above the two former peaks...
The SPX showed just minor downside follow-through after Tuesday’s reversal but might not immediately weaken down to prior lows ahead of the US July 4th holiday. As mentioned, prices reversed on cue Tuesday due to a combination of Elliott-wave analysis with Gann analysis which provided price and time targets based on the prior June 16th bottom. I expect that the next couple days might show prices attempting to stabilize and...
Cryptocurrency rally looks to have temporarily stalled out after a sharp three-week rally. Ethereum has stalled out in its relative performance vs Bitcoin, and for now, Bitcoin is an outperformer over Ethereum and should be favored. Weekly momentum remains negative and Cycle composites start to turn lower in early March into April/May, so given low retail interest and not many inflows, this could limit the larger rally continuing to all-time highs...
