BTC Daily Chart - Bullish Divergence?

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

BTC is experiencing bullish divergence on its daily candle chart’s MFI.

With BTC testing a longer-term area of support currently, it isn’t too surprising to be seeing a but if bullish divergence on the indicators. The MACD also has it's momentum preparing to swing upwards as volume attempts to decrease. If support holds, we could see an influx of buy-side pressure.

The overall cryptocurrency market cap is down to $2.15 trillion. Bitcoin is regaining market cap dominance. BTC dominance is at 41.1% while ETH dominance is down to 20.8%.

However, it should be noted that with new COVID variant scares, it wouldn't be surprising if we continue to see volatility throughout global financial markets. This includes the cryptocurrency markets. These fundemental developments are always important to keep in mind.

ETH was not able to maintain support after breaking above a line of resistance that's was formerly support, yesterday. ETH volume is also attempting to decrease. The MFI is attempting to swing upwards, however the MACD’s momentum is still struggling to see positive movement.