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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.

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