BTC Weekly Chart Trends Downwards

Neither this post, nor any other on cryptofal.com, should be taken as financial advice. It is not.

BTC is trending downwards on the weekly candle chart. After a volatile couple of days on shorter time frames, it’s not too surprising that we’re starting to see corrections on the longer weekly time frame. It’s also important to note that these dips are occurring after the momentum peaked on the MACD, and the MFI bordered overbought for a few weeks. Currently, both the MFI and the MACD are trending downwards.

ETH is showing a dip in price on its weekly candle chart as well. Its MACD is trending downwards like BTC however, its MFI is attempting to trend upwards. Of course, it is always likely that if BTC keeps trending downwards ETH will too, so it’s always to keep an eye on BTC when trying to predict ETH’s price action.