BTC Attempts to Hold the Line

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

BTC is attempting to hold the line after breaking above a line of resistance.

It’s struggled in this area a bit The MFI is fairly steady and so is the MACD currently. Volume is increasing, so if buy-side pressure is able to hold up, we may see BTC hold or continue to push upwards slightly.

The overall cryptocurrency market cap is currently at approximately $2.65 trillion. BTC dominance is down to 40.6% while ETH dominance is up to 21.3%. With ETH dominance up and BTC dominance down, we may see ETH and a variety of altcoins outpace BTC throughout the day.

ETH is trending upwards even more so than BTC. The MFI is trending towards overbought territory, but the MACD looks like it could be trending downwards. This could mean that if buy-side pressure isn’t continued, we may see ETH struggle to break the next line of resistance. But, if the MACD starts to swing upwards with an influx of buy-side pressure it may be likely that we do break the next line of resistance.