BTC Breaks Out Overnight

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

Bitcoin found itself breaking out last night and continuing to push upwards.

It’s now testing a range of resistance that we saw it test earlier last week and was not able to maintain. It will be interesting to see if BTC is able to maintain support in this area. Bitcoin has been on a steady uptrend of lower support since the end of May. Achieving higher support is a relatively good sign for BTC price action. Between this current range and $32.2k, there is a lot of short-term resistance that BTC could encounter, so it remains to be seen whether BTC will maintain the volume needed to hold and/or surpass this area.

The MFI has taken a sharp turn upward over the last couple of days. It is now bordering overbought territory on the 4-hour candle chart. It’s very possible that we could see this test downwards soon. The MACD has also swung up sharply on both its EMA lines as well as its momentum waves. This could continue for a bit longer, however, it is also possible we could see a swing downward with the strength of this upward momentum. It’s very rare that it’s able to maintain that type of strong momentum in one direction in the short term.

The overall cryptocurrency market is currently just below $1.3 trillion with an approximate volume of $65 billion. BTC dominance is at 46.4% with ETH dominance up slightly to 18%. BTC dominance still remains fairly high, even after a 0.2% dip.