Bitcoin Tests Resistance Once More

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

Bitcoin has been trending upwards since bottoming out earlier this week.

Bitcoin has had a fairly volatile couple of weeks and looks like things could be finally settling a bit. Volume has steadily decreased as BTC follows this uptrend. This could be a sign that volatility may be settling a bit. That being said, volume is decreasing as it looks to test resistance, so it is possible that we may not break this area of resistance if an influx of buy-side pressure isn’t seen.

The MFI is bordering overbought territory and looks as if it could continue its trend upwards. The MACD is looking as if it could swing upwards, but it’s still in fairly neutral territory. The overall cryptocurrency market has settled around $1.7 trillion and the overall volume is below $100 billion at around $77 billion. BTC dominance is holding fairly steady around 41.7% and ETH dominance is at around 17.9%.

Ethereum is continuing to follow BTC’s patterns. It’s currently testing an area of resistance on its own. ETH’s volume has also started to dip. The MFI is bordering overbought territory and the MACD is looking as if it could swing in either direction. BTC’s price action will likely continue to heavily influence ETH’s in this price range.