Bitcoin Continues Sideways Movement

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

While BTC was able to break lower resistance earlier in the week, it still has yet to break resistance around $30.5k.

With the SPX finally holding, it’s not too surprising that some of the influences from the fiat market have calmed down a bit in the short term. Sideways movement may actually be a good sign for the crypto market, and this range of support. It could mean that this support is strong, even when influenced by fiat market volatility. Volume has increased slightly in comparison to earlier in the week, however not enough to break upper resistance.

The MFI is trending downwards and looks like it could continue its downtrend. The MACD is trending fairly neutrally as its momentum waves and EMA lines look like they could go in either direction or continue moving sideways.

The overall cryptocurrency market is currently around $1.26 trillion which seems to be an area with fairly strong historical support. The overall volume is approximately $73 billion. BTC dominance is at 44.7% with ETH dominance at 18.8%. This is a bit of a change from yesterday, however, it looks like ETH is now outpacing BTC and the broader altcoin space.

ETH has been testing downward throughout most of May in its ratio to BTC. This shouldn’t come as too much of a surprise as BTC tends to gain dominance during periods of market volatility. It also seems that the volume between this trading pair has increased significantly throughout much of this month, but looks to be waning slightly.

The MFI looks to be making an attempt at swinging upwards, however, it remains to be seen if that effort will be maintained. The MACD’s momentum waves are swinging upwards as the EMA lines attempt to flatten a bit.