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 profile as bullish and would need to see BTC break below 8K to take a more cautious tactical view.

You are trying to access FSI member-only content.
You need to have an active FSI Digital Assets, or FSI Pro subcription in order to read this article.
If you are already a member at FSInsight, please Sign In here. If you don’t have a subscription to FSInsight yet, you can sign up below.

Choose one of our yearly plans to save nearly 15%

We accept crypto via BitPay for yearly subscriptions.
    • Macro
      FSI Macro
      billed anually
      Get access to all the macro research on FSInsight
      • Tom Lee's First Word
      • Tom Lee’s Equity Strategy
      • Stock Lists
      • ETF Sector Allocation
      • Wall Street Whispers
      • Signal From Noise
      • Technical Analysis
      • US Policy
      • Fed Watch
      • Live Webinars with Q&A
      First Month Free!
    • Crypto
      FSI Digital Assets
      billed anually
      Get access to all the crypto research on FSInsight
      • Crypto Daily
      • Crypto First Word from Tom Lee
      • Crypto Blasts from David Grider
      • Crypto Weekly
      • Crypto Technical Analysis
      • Bitcoin Valuation
      • Bitcoin Misery Index
      • Live Webinars with Q&A
      • -
      • -
      First Month Free!
    • Macro + Crypto
      FSI Pro
      billed anually
      Get access to all the exclusive research on FSInsight
      • Looking at code?
      • I am hidden!
      • -
      • FSI Macro
      • +
      • FSI Digital Assets
      • Designed by
      • HANGAR115
      • -
      • -
      First Month Free!
Disclosures (show)

Don't Miss Out
First Month Free

first 500 users only

FSInsight logo
150 East 52nd St, 3rd Floor, New York, NY 10022

Subscribe to our Free Weekly Report

An insitutional-grade report delivered to your inbox every week.

© 2021 FSInsight. All rights reserved. Developed by HANGAR115.

Illustrations by Karl Wimer.