Bitcoin Breaks Resistance Overnight

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

BTC daily candle chart, 3/9/22.

Bitcoin has broken resistance overnight, as volume spikes overnight.

After struggling to break a short-term resistance over the past several days, BTC finally was able to break strongly above $40k. It’s currently testing around $42k and attempting to hold in this area. If the support is held in this area, we could see BTC continue upward to test $45k once more over the next couple of days.

The MFI is slowly, but steadily trending upwards on BTC’s daily chart. and the MACD is attempting at making a definitive swing upwards as BTC climbs. The overall cryptocurrency market is currently around $1.8 trillion with a volume of over $100 billion.

BTC dominance is currently at 43.3% with ETH dominance at 17.8%. BTC is taking a noticeably larger share of the market cap over the past couple of days.

ETH daily candle chart, 3/9/22.

Ethereum is lagging slightly behind BTC’s strong movement. It’s still operating in this consolidation pattern, which is still a fairly good sign. It’s likely that if BTC continues to move, we could see ETH test resistance around $2,900.