BTC’s MFI Moves Sharply

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

BTC’s MFI has made a sharp incline on its 4-hour chart.

BTC is still mostly bordering this area of support, however it is making an attempt at breaking out as its MFI and MACD both make an attempt at swinging definitively upward. Price has yet to follow as strongly, however seeing the MFI and MACD continue to test upwards could be a good sign on the technical end.

This range of support has proven to be fairly strong throughout much of December, but BTC has struggled to make any meaningful breaks of resistance throughout the month. If higher resistances aren’t tested and broken, we could continue to see some sideways movement, which wouldn’t necessarily be a bad thing.

The overall cryptocurrency market cap is currently at approximately $2.25 trillion. BTC dominance is currently at 40.3% with ETH dominance currently at 20.1%. Altcoins are continuing to hold a larger portion of the market as BTC and ETH hold steadily.

Ethereum is showing slightly more of a definitive uptrend than BTC, likely moving along with altcoin dominance to take up larger portions of the overall crypto market. Its MFI is attempting to swing up, and the MACD is as well. ETH tested support once more below $3,600 and from there has started to move upwards.

If this momentum continues, we could see ETH start to prepare to test lines of resistance once more.