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Crypto TA Strategy: BTC 6,500 and 8,000 Levels (a must read)

Crypto Indices Weekly Performance by Fundstrat Global Advisors

Why is 6.5-7K such an important long-term support band and why is 7.70-8K trading resistance?  
BTC’s 6.5K support band – In last week’s note (here) we raised the question of whether BTC had just completed an important low on US Thanksgiving Eve low given it had respected/bounced from an important support band near 6.5K coinciding with its 2016-2019 uptrend, the low end of its 2H 2019 downtrend channel and a 62% retracement of the 2019 rally. Slides 4-6
7.7-8K resistance – However, we also highlighted BTC was likely to pullback short-term given it had rallied into resistance between 7.7-8K coinciding with its November downtrend, 15-dma and the low end of the October trading range



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