Bitcoin Continues to Test Support

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

BTC is continuing to test support after a volatile day in this price range.

With a volatile day like this, it can be nerve wracking watching BTC test ranges of support as it continues a longer-term downtrend. It should be noted that while BTC tested slightly below support ranges a few times today, it was bought up fairly quickly in those ranges.

Currently, the MFI is attempting to trend upwards, however, the MACD is looking as if it’s continuing a downtrend. Until downwards momentum peaks and turns around, we could see it continue to test support.

While the shorter-term can look a bit unnerving, the longer term reality is much more sobering. On the weekly candle chart, the MFI has finally started to slow its downtrend that it started in mid-November. This could mean that we could see sell-side pressure start to settle within coming weeks. It should be noted that the MACD is continuing to swing downward, like on other time frames.

The overall cryptocurrency market cap is at $2.18 trillion with BTC dominance at 40.6% and ETH dominance back at 21.3%. The overall cryptocurrency market’s volume is now over $100 billion once more.