Bitcoin Tests Above $39k

Neither this post nor any other post on cryptofal.com should be taken as financial advice.

Bitcoin tested support last night below $38k, however it has started to test above $39k once more.

Bitcoin struggled a bit yesterday, however it’s off to a good start this morning after a strong showing overnight. Volume has also settled a bit compared to yesterday’s spikes during the dips, but it does look like it’s attempting a slow increase. It’s likely that we may continue to see BTC operating in this descending channel over the coming days.

The MFI is now swinging upwards more definitively while it’s still in fairly neutral range. The MACD is swinging upwards as well on its momentum waves as the EMA lines attempt to settle in that area before potentially swinging upward (if this momentum continues). If both of these indicators continue their trends, it could be a positive sign for BTC price action.

The overall cryptocurrency market is currently at approximately $1.78 trillion with a volume of approximately $100 billion at the time of posting. There has been a definite increase in volume compared to earlier in the week, however not an overwhelming amount. BTC dominance is back at 41.4% with ETH dominance holding 19.4%. Dominance continues to hold in this area, as it’s remained relatively steady over the past month.

Ethereum is following BTC’s price movement very closely. After mimicking its dips, it also has mimicked its short-term gains overnight. ETH is now testing $2,900. The MFI is moving sharply upwards and the MACD is as well. It’s very likely that ETH will continue to follow BTC’s price movement unless a fundamental development occurs, or BTC starts to settle for a bit.