Bitcoin Coils

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

BTC daily chart, 3/23/22.

Bitcoin is coiling fairly strongly over the last month and a half.

In the shorter term, over the last week, BTC has been trending up fairly strongly and looks as if it could continue. The MFI has been slowly trending upwards since the end of February. The MACD is also looking to trend upwards as well. It wouldn’t be too surprising if BTC makes an attempt at testing resistance around $45k once more.

The overall cryptocurrency market is currently around $1.9 trillion with a volume of $94 billion. BTC dominance is currently around 41.7% with ETH dominance at 18.6%.

ETH daily candle chart, 3/23/22.

Ethereum has broken out of its wedge pattern over the last week as well. ETH’s MFI is currently nearing overbought territory. The MACD is also looking as if it could continue trending upwards. It would not be surprising if we see ETH continue to test upper levels of resistance.