Telegram

BTC consolidating at resistance but ADA breaks out, ETH likely to follow

May 28, 2020
BTC consolidating at resistance but ADA breaks out, ETH likely to follow

Over the past week BTC broke below near-term support levels at its 15-dma and then a key level 9.1K coinciding with its March-May uptrend, only to bounce back over the past three days. In fact, while the very short-term volatility violated near-term support raising trading concerns BTC was potentially into a corrective phase, the rebound this week was from a secondary uptrend line joining the late March and April lows. 

The bottom line is that 8.6K is a new tactical line in the sand for BTC given higher lows remain in place for BTC. So, for now, BTC’s consolidation continues under the important, widely watched 10-10.5K resistance band coinciding with longer-term downtrend joining the 2018-2019 and Q1 highs.

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 FS Insight, please Sign In here. If you don’t have a subscription to FS Insight yet, you can sign up below.

Choose one of our yearly plans to save nearly 20%

We accept crypto via BitPay for yearly subscriptions.
    • Macro
      FSI Macro
      from
      $
      199
      /mo
      billed anually
      Get access to all the macro research on FS Insight
      • Tom Lee's Live Market BLASTs
      • View from Tom Lee
      • Signal From Noise
      • Portfolio Strategy
      • Technical Analysis
      • Granny Shots – Stock Ideas
      • US Policy
      • Live Conference Calls with Q&A
      First Month Free!
    • Crypto
      FSI Digital Assets
      from
      $
      99
      /mo
      billed anually
      Get access to all the crypto research on FS Insight
      • Tom Lee's Live Crypto BLASTs
      • Tom's Take on Crypto
      • Crypto Weekly Newsletter
      • BitDigest Daily Newsletter
      • Crypto Technical Analysis
      • Benchmark Indices Review
      • Bitcoin Valuation & Misery Indexes
      • Live Conference Calls with Q&A
      First Month Free!
    • Macro + Crypto
      FSI Pro
      from
      $
      249
      /mo
      billed anually
      Get access to all the exclusive research on FS Insight
      • Looking at code?
      • I am hidden!
      • FSI Macro
      • +
      • FSI Digital Assets
      • Designed by
      • HANGAR115
      • -
      First Month Free!
Disclosures (show)

Want to receive Regular Market Updates to your Inbox?

I am your default error :)