Bitcoin is Attempting to Bounce After Trending Downwards

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

BTC 4-hour candle chart, approximately 9:25 A.M. ET, 2/21/22.

Bitcoin has had an extremely volatile overnight and morning coming into this President’s Day.

After testing strongly downwards in the early morning to almost $37,200, BTC is trending upwards strongly, gaining over $1,500 in a single 4-hour candle.

The MFI is trending upwards strongly staying in oversold territory for a few days. It looks like it could continue its trend upwards if it breaks this range. The MACD’s momentum waves are still moving fairly neutrally and so are its EMA lines.

The overall cryptocurrency market is currently hovering around $1.7 trillion, with a volume of around $77 trillion. BTC dominance is at 41.7% with ETH dominance at 18.5%.

ETH 4-hour candle chart approximately 9:35 A.M. ET, 2/21/22.

Ethereum is showing similar signs of short-term volatility. However, ETH also seems to have a stronger area of support in the range of $2,550. While it’s struggling in the short-term in its ratio to BTC to break areas of resistance, it is showing slightly better signs of support, and slightly stronger bullish technical signs.

Its MFI is trending upwards strongly, similar to BTC’s, but unlike BTC’s MACD, ETH’s MACD is starting to swing up more definitively on both its momentum waves and its EMA lines. It’s going to be interesting to see if ETH is able to outpace BTC here.