Bitcoin in Descending Channel

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

Bitcoin is now following a bit of a descending channel continuing downward.

Volume is settling a bit going into the evening. Bitcoin seems to be consolidating a bit here and likely won’t break this range until it sees an influx of volume to break support or resistance.

The MFI is bordering oversold territory as it looks to be making an attempt at swinging upwards. The MACD is swinging downward and looks like it could continue downward. With this being said, it’s very possible that Bitcoin could continue to experience some volatility in the coming days depending on fundamental developments.

The overall cryptocurrency market cap is currently $1.2 trillion with a volume of $78 billion. BTC dominance is currently at 44.8% with ETH dominance at 18.9%.

ETH is still struggling to break this area of support-turned-resistance. Both its MACD and MFI are mimicking Bitcoin’s.