The crypto market flirted with danger today.
Bitcoin was leaning on a key trend line support, and Ethereum was continuing to struggle to climb above $1,800.
The Fed saved the day by signaling their willingness to maintain an accommodative monetary policy (money printer go brrr).
Bitcoin and Ethereum both reacted positively to the news, but is it enough?
In today’s issue, I’ll share with you some key levels I’m keeping an eye on, including what BTC needs to do to move back to all-time highs.
Let’s get it!
Bitcoin was leaning on a key trend line support from the recent correction low near $43,000.
The Fed saved the day with more easy money.
However, BTCUSDT needs to secure a daily close above $58,300 to signal its bullish intent.
If it fails to do so and instead closes below trend line support near $55,000, there’s a decent chance we see a deeper pullback.
Even if Bitcoin closes above $58,300, it doesn’t necessarily mean the market is bullish again.
It simply puts BTC one step closer to a new all-time high.
Ultimately, Bitcoin needs to get above $61,900 to negate the bearish potential.
A close above $58,300, followed by $61,900, would open the door to $65,000 and perhaps $70,000 in the next few weeks.
Ethereum has been all over the place this week.
The constant back and forth price action since the 15th illustrates the indecision.
However, as I pointed out on Twitter recently, ETHUSDT is vulnerable while below former channel support.
That area is near $1,920.
I need to see a daily close above $1,920 to negate the pullback scenario I mentioned in today’s video and open the door to new all-time highs.
VET, VeChain’s native token, has been moving within an ascending channel all month.
It recently hit an all-time high just above $0.08, which was a welcome sight for those who have been in it for months or even years.
Where VETUSDT goes in the near term depends on what happens with Bitcoin.
I know everyone wants altcoins like VET to break away from BTC, but that isn’t about to happen anytime soon, in my opinion.
However, I will say that VET has held its ground exceptionally well this week.
Time will tell how long that lasts.
If VETUSDT breaks channel support near $0.073, the next key support is near $0.065, followed by $0.06.
Resistance comes in at $0.08, $0.09, and $0.10.
I’ve mentioned the $0.90 – $1 support area for ADA several times in recent weeks.
Four days ago, ADA reached a session low of $0.98 before rocketing 30% higher.
Thursday’s Coinbase listing certainly helped with that.
That rally on Thursday confirmed the breakout from a descending channel, as shown below.
You can also see where this week’s low appears to have tapped the bottom of the descending channel from last December.
Support for ADAUSDT comes in at $1.20.
A close above $1.31 would mark the highest daily close ever and would likely open the door to the all-time high of $1.49.