BTC Attempts Further Dips
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BTC 4-hour candle chart, 4/8/22
BTC is currently testing support as it makes an attempt at breaking downwards.
BTC broke support this week and has been trending downwards since. On the 4-hour candle chart, BTC is attempting to hold above $43k after briefly testing $42.8k a couple of days ago. Volume has dipped off fairly significantly since its breakdown a few days ago, however it looks like it could be making an attempt at an increase. It wouldn’t be surprising if BTC attempts to make a move here in either direction if volume increases.
The MFI is slowly trending upwards from the oversold range. The MACD’s momentum waves are swinging upwards strongly as the EMA lines prepare to swing upwards.
The overall cryptocurrency market is currently around $2 trillion with a volume of approximately $84 billion. BTC dominance is currently at 41.1% with ETH dominance at 19.6%. With BTC dominance dipping and ETH dominance and altcoin dominance increasing, it wouldn’t be surprising to see a myriad of tokens outpacing BTC slightly.
ETH 4-hour candle chart, 4/8/22
ETH is trending upwards with a bit more strength than BTC. It seems to have been doing fairly well since BTC’s gains, along with the news of a potential layer-2 merge occurring in June.
The MFI is trending upwards strongly, along with the MACD. From here, ETH looks like it could really capture some upward movement as long as it’s not too influenced by BTC’s volatility.
