Bitcoin Takes a Nosedive

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

Volatility is through the roof as BTC tested $23,500 or so, and is now attempting to make a volatile comeback at the time of posting.

This comes as a variety of fundamental developments occur throughout the past 24-hours. With Celsius pausing withdrawals and TRX getting attacked, there have been a variety of projects that have taken a beating today on the charts. It will be interesting to see what happens when fiat markets open and if they could go in a similar direction due to their own fundamental developments.

Volume is through the roof in this area on the daily chart and looks like it could continue to increase. It will be interesting to see whether or not BTC is able to maintain support above $23,500. With the MFI dipping sharply and now in oversold territory, it could continue to go further down or settle in oversold territory for a bit while waiting for BTC to settle. The MACD looks as if both its EMA lines as well as its momentum waves are swinging downward.

The overall cryptocurrency market cap has taken a beating. It’s currently sitting below $1 trillion at the time of posting. The overall volume is approximately $139 billion. BTC has picked up a larger portion of the overall market cap dominance as it usually does during dips. Ethereum’s market cap dominance took a beating and is now down to 15.3% at the time of posting.

Ethereum took a hard hit on its 4-hour candle chart. It found itself testing below $1,200 for the first time in over a year. The MFI is bordering oversold territory as the MACD’s EMA lines look to dip and their momentum waves look to continue dipping as well.

It’s very likely that ETH will continue to follow BTC’s movement, especially in these moments of extreme volatility.