BTC Keeps Consolidating

BTC 4hr candle chart, approximately 9:25 pm ET, 10/10/21.

BTC is continuing to consolidate in this area since earlier last week. BTC’s volume is continuing to hold steady, however, the overall volume has dipped slightly below $100 billion. BTC dominance is holding just below 45% and ETH dominance is holding above 18%. The overall market cap is holding above $2.3 trillion.

MFI is dipping and momentum could be gearing up to settle from its swing downwards as well.

On the 4hr, things are looking like we may continue consolidating as long as we maintain volume and fundamental developments don’t interfere heavily.

BTC daily candle chart, approximately 10am ET, 10/10/21.

BTC on the daily chart is showing more of a potential for a slight correction, OR continued consolidation. The MACD may be preparing to swing downward, and the MFI is well into overbought territory. This coupled with the large movements over the last week could mean that we may either swing down once more slightly, or we could continue consolidation. This is once again based on only the technical side of the equation, so it’s important to keep in mind fundamental developments could influence this outcome in either direction.

BTC weekly candle chart. approximately 9:50am ET, 10/10/21.

In the longer term, the volume may be increasing slightly into this uptrend. The MFI is nearing overbought territory, however, it is settling slightly. Momentum looks like it could be preparing to continue its upward swing once more.

While we could see small corrections or consolidation in the shorter-term time periods, the longer-term time periods look as if they’re preparing to continue leading the market upwards (as long as fundamental factors permit).