BTC Attempts to Hold

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

BTC daily candle chart, 4/6/22

Bitcoin has broken support over the last couple of days and is now attempting to hold in it’s current range.

After testing $47.2k, it broke down to test support. Support wasn’t held and it broke down to test $42,850. However, BTC still looks like it could continue testing downward.

The MACD is swinging downward strongly and so is the MFI. They both look like they could continue their downward trends. It’s likely that until BTC finds strong support, its price will continue its dips.

The overall cryptocurrency market is currently below $2 trillion with a volume of approximately $120 billion. BTC dominance is currently at 41.4% with ETH dominance at 19.3%.

ETH/BTC daily ratio chart, 4/6/22

The ETH to BTC ratio has taken a bit of a dip with it testing an area of support. This isn’t too surprising as the broader cryptocurrency market finds itself in the red today.

The MFI is trending downwards and so is the momentum of the MACD. It wouldn’t be surprising if this support doesn’t hold.