BTC Consolidates on the Daily Chart

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

Bitcoin is consolidating to start the week on the daily candle chart after testing lower support earlier today.

Volume increased a bit today after BTC tested down to the 38.2k range or so. There, it found strong support and has since rocketed back to the $40.5k range at the time of posting. This strong support could be a good sign for price, especially if it continues to be maintained.

The MFI is currently on a fairly strong uptrend on the daily chart, and it looks like it could continue. The MACD is also looking to swing upwards with both the EMA lines as well as the momentum waves looking like they could swing upwards. Both of these indicators are showing potential bullish signs for BTC’s price on the daily chart.

The overall cryptocurrency market is currently around $1.85 trillion with a volume of approximately $97 billion. BTC dominance is still holding fairly steady around 41.3% with ETH dominance at 19.4%. We haven’t seen many significant deviations in market dominance recently, which means most of the market is moving together.

ETH is consolidating in its ratio to BTC as it rides a line of support on the daily ratio chart. The MFI is dipping as the MACD is attempting to swing upwards.