Bitcoin Attempts to Develop New Support

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

BTC 4-hour candle chart, approximately 1:30 P.M. EST, 2/19/22.

Bitcoin is currently attempting to consolidate on the 4-hour candle chart after breaking below support.

Volume is dipping as the weekend begins. The MFI is currently well into oversold territory and looks to be making an attempt of swinging upwards. The MACD’s momentum waves are currently attempting to swing upwards while the EMA lines are attempting to peak.

These are great signs on the technical end of things after dips were caused by more Fed rumors of rate hikes.

The overall cryptocurrency market cap is currently around $1.8 trillion with a low volume of around $57 billion. Currently, BTC dominance is at 42% with ETH dominance at 18.2%.

ETH to BTC daily ratio candle chart, approximately 1:50 P.M. EST, 2/19/22.

After testing a longer-term area of resistance earlier this month, ETH still has yet to test it once more in its ratio to BTC. Currently, it is testing support for the second time in its ratio to BTC.

If ETH isn’t able to break this area of resistance, it will likely continue some sideways movement in this range.