Bitcoin is Attempting to Swing Upwards

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

Bitcoin is attempting to swing upwards after testing down to $26.7k sometime yesterday.

BTC now finds itself preparing to test $31k as it trends upwards fairly strongly on the four-hour candle chart. It should be noted though that volume has also dipped significantly since earlier in the week, so we may need to see an influx of buy-in volume in order to continue this uptrend.

The MFI is testing upwards fairly strongly as the MACD’s EMA lines and momentum waves both trend upwards fairly strongly. It should be noted that with the MACD’s momentum trending this strongly upwards, it would not be too surprising to see it swing down slightly sometime soon on the 4-hour chart.

The overall cryptocurrency market has taken a battering this week. It currently sits around $1.3 trillion after losing a significant amount of value over the past week with an approximate volume of $147 billion. ETH dominance has taken a dip as BTC dominance has spiked. BTC dominance is now at 44.3% after ETH dominance took a hit yesterday to 19.4%.

It’s very possible that BTC could continue to struggle if fiat markets continue to struggle, if BTC doesn’t incur a large influx of buy-side pressure, and/or if BTC is not able to maintain resistance above $26.7k. It will likely take a large, strong buy-side pressure in order to break out of its current range.