Bitcoin Consolidates After Jump

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BTC 4-hour candle chart, 3/17/22.

Bitcoin found itself consolidating throughout most of the day.

Following the news about the interest rate hikes, BTC and the broader cryptocurrency space are actually faring pretty well, with BTC holding above $40k throughout the day. Volume has also taken a substantial dip from its height a few days ago.

Its MFI looks like it could be preparing to trend downwards as the MACD also slowly swings downward. It wouldn’t be surprising if we see BTC drop to test support over the next few days, or if we continue to see some sideways movement

The overall cryptocurrency market cap is currently around $1.8 trillion with a volume of approximately $78 billion. BTC dominance is at 42.4% with ETH dominance at 18.4%, with both BTC and ETH outpacing much of the altcoin sector.

ETH 4-hour candle chart, 3/17/22.

Ethereum has had a fairly strong uptrend over the past few days. Today it tested resistance around $2,850 and was rejected. Now it looks like we could see some downward movement, especially if BTC attempts to test lower.

ETH’s MFI is well into overbought territory and looks to be preparing to swing downwards. Volume is dipping as the MACD also swings downwards.