BTC Struggles With Resistance After Breaking Support

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

BTC daily candle chart, 3/5/22.

Bitcoin has had a tumultuous couple of days coming into the start of the weekend.

It’s broken support and has struggled to reach back above $40k. It’s currently struggling with testing above its new resistance that was a former line of support. Volume is attempting to dip significantly, so it wouldn’t be surprising if BTC continues to struggle.

The MFI is currently trending slightly neutral with a lean towards a potential downtrend. The MACD is in the process of swinging downward as well. The overall cryptocurrency market cap is currently around $1.75 trillion with a volume of $75 billion. BTC dominance is currently at 42.2% with ETH dominance at 18%.

ETH daily candle chart, 3/5/22.

MFI is moving fairly neutrally with a slight uptrend. The MACD is swinging downwards as well. Volume is also dipping a bit on ETH. It would not be surprising if ETH has some sideways movement while waiting for BTC to recover while also maintaining low volume in this range.