Bitcoin Continues in Similar Range

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

Bitcoin is continuing in a similar range. While it broke support the other day, it has not been able to break above this support-turned resistance.

Bitcoin now seems to be struggling with resistance around $30,500. Volume has settled fairly significantly since breaking support a few days ago. Now BTC is attempting to maintain support above $29,300 or so. It should be noted that fundamental developments in fiat markets could still continue to affect the price action in crypto markets.

The MFI is now bordering oversold territory as it seems to be settling into a neutral pattern. This could be a good sign for price action, as it could mean the MFI may prepare to trend upwards soon. The MACD is currently trending downwards on both its EMA lines as well as its momentum waves.

The overall cryptocurrency market is currently around $1.2 trillion with a volume of approximately $71 billion. BTC dominance has increased substantially to 46.3% with ETH dominance taking a dive to 17.4%. This is notable because it means that BTC is outpacing broader sections of the cryptocurrency market.

The ETH/BTC ratio chart is a clear example of BTC outpacing the broader crypto space, especially ETH. The ratio is now testing support that we haven’t seen since October of last year, and it looks like it could continue its trek downwards as volume has picked up significantly in this trading pair.

The MFI is trending downwards and momentum on the MACD also looks like it could continue downwards.