Bitcoin is Rejected At Support

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

BTC 4-hour candle chart, approximately 2:45 P.M., 2/8/21.

Bitcoin had a strong showing yesterday and overnight, however it was rejected when it tested resistance.

After breaking the first area of resistance around $42k over the weekend, Bitcoin continued climbing upwards until reaching around $45.5k where it was rejected last night. Currently, BTC has bounced down to test support around $43k and is attempting to hold and push upward from here.

The MFI is currently trending downwards strongly as BTC attempts to hold support. The MACD’s momentum waves and EMAs are also trending downwards.

The overall cryptocurrency market is currently at $1.9 trillion with an overall volume of around $100 billion. BTC dominance is currently at 41.7% and ETH dominance is currently at 18.7%.

ETH 4-hour candle chart, approximately 3:20 P.M. ET, 2/8/22.

Following BTC’s rejection, Ethereum was rejected just above $3,200 or so. It’s currently attempting to hold above $3,000. Eth’s technical indicators are showing similarities to BTC, however, they looked to have started their negative trend earlier. The MFI is trending downwards and so are the EMA lines and momentum waves of the MACD.

It should be noted that the Ethereum Foundation will be having a community call on Friday, February 11th, which could have an influence on price depending on the contents discussed in the call.