Bitcoin Continues to Ride Support

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

Bitcoin is continuing to ride support as the week continues.

Volume remains fairly steady after dipping substantially from highs a couple of weeks back. The MFI is currently bordering overbought territory. The MACD is looking mostly neutral, however it does look like it’s making an attempt at swinging upwards.

The overall cryptocurrency market is currently at $1.7 trillion. It’s remained in this range over much of the last week or so. BTC dominance is down slightly from 41.7% to approximately 41.3%. ETH dominance has increased to 18.7% as ETH prepares to outpace BTC once more. The overall cryptocurrency market’s volume has dipped down to approximately $67 billion.

In the last several days, ETH has found support in its ratio to BTC and continued an uptrend. It did not make it to test long-term support, and instead found a higher area of support which is a good sign. Both the MFI and the MACD are looking like they could swing up sharply which could mean that ETH may prepare to strongly outpace BTC in the coming days.

This pattern of ETH outpacing BTC is something that can be seen fairly clearly on ETH’s price chart when compared to BTC’s.