Bitcoin Finds Higher Support, Continues Uptrend

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BTC 4-hour candle chart, 3/21/22.

Bitcoin is continuing its uptrend after finding strong support over the weekend.

While it was unable to break $42.4k on Saturday, BTC looks as if it could be preparing to test higher areas of resistance once more, as it’s achieved higher support overnight. Volume is holding fairly steadily going into this Monday morning. the MACD is swinging upwards and so is the MFI. This could mean that if volume holds steady or we see an increase in buy-side volume, BTC could keep testing upwards.

The overall market cap has held fairly steady over the last week or so. It’s currently hovering below $1.9 trillion with a volume of approximately $86 billion. BTC dominance has dipped, along with ETH dominance as well. BTC dominance is currently at 41.8% with ETH dominance dipping only slightly to 18.7%. This means that we’re seeing some movement coming out of the altcoin space.

ETH/BTC daily candle ratio chart, 3/21/22.

The ETH to BTC ratio chart has been in a long-term consolidation pattern since last May. This is a great sign for Ethereum, as it shows its strength as the second-largest player by market cap. It should be even more noteworthy, that this current area of support has remained relevant since November.

The MFI and MACD have seen some fairly significant upward swings, so it wouldn’t be surprising if we see the tables turn in the short-term with BTC starting to outpace ETH. That being said, on the USD if BTC continues testing upwards, it’s likely that ETH will do the same.