Bitcoin Rockets to Resistance

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

Bitcoin 4hr candle chart, approximately 11:30 A.M. ET, 2/4/22.

Bitcoin has rocketed up after testing the area around $36,500 for a second time.

Bitcoin saw a significant spike in volume this morning as it moved from $37.2k to over $39k in a single 4-hour candle. Both the MFI and the MACD have swung upward sharply. If volume persists and buy-side pressure remains high, it would not be surprising if we continue seeing upward movement.

The overall cryptocurrency market is up to $1.84 trillion and the overall volume is currently at $81 billion. Bitcoin dominance has held fairly steadily, only dipping slightly to around 41.5% with ETH dominance increasing to 19.1%.

ETH candle chart approximately 1 P.M. ET, 2/4/21.

Ethereum’s technicals are also strongly mimicking Bitcoin’s. Following BTC’s breakout, ETH has also seen a breakout. The MACD and the MFI are moving up sharply as ETH’s dominance continues to increase, outpacing BTC as well as some altcoins.

It should be noted that ETH will likely be making a large announcement on February 11th, so we’ll definitely be seeing if there are any reactions in price actions to this announcement, both before and after.