Bitcoin Has a Red Close

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

Bitcoin has tested downwards after being unable to break resistance around $31,500 yesterday.

After dipping downwards, BTC tested around $29,300 and found a bit of support before closing off today’s daily candle. Bitcoin finds itself currently sitting around $29,900 at the time of posting. Volume was starting to settle, however, it saw a bit of a spike today.

The MFI is bordering oversold territory and moving fairly neutrally. The MACD is making an attempt at swinging upwards on both its EMA lines as well as its momentum waves.

The overall cryptocurrency market is currently around $1.28 trillion with an approximate volume of $88 billion. BTC dominance is at 44.4% with ETH dominance at 19.1%.

Ethereum has broken below a long-term area of support and turned it into resistance once more in its ratio to BTC. This isn’t too surprising considering that BTC dominance usually tends to increase as markets incur large-scale dips, but it is still holding a higher area of support than the last time it entered this range.