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.
Although BTC has yet to confirm its next major direction move by moving through the 8.6 and 10.5K technical thresholds, there are other encouraging technical developments underway notably:
FS CryptoFX Advance-Decline for the FX10 large-cap and FX40 mid-cap indices have completed bottoming patterns over the past few months reversing the 2H 2019 downtrend followed by a series of higher highs. Unless a downside move below the Q1 high develops, and more importantly below the Q1 lows, we judge the current advance-decline technical structure to be bullish. Gran...Unlock this article by joining our Community!
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