BTC Tests Resistance

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

BTC 4-hour candle chart, 4/19/22

Bitcoin spent much of yesterday and today recovering from lows.

It currently is testing resistance around $41.5k and is struggling a bit to break this range. This is the second time it’s tested this area of resistance over the past week or so. If volume continues to dip, it would not be surprising if BTC continues to struggle with this resistance, or trends slightly downward.

It should be noted that global fundamental developments could play a part in market movements, so it’s always important to keep those in mind. This includes both responses to crypto by regulators, as well as issues impacting the broader financial space.

The MFI is currently trending upwards as it nears overbought territory. While it is still trending upwards, it’s possible that the MFI could make a turn downwards if BTC continues to encounter resistance and is unable to break it here. The MACD’s momentum waves look to also be preparing to trend downward as the EMA lines attempt to peak.

The overall cryptocurrency market is currently around $1.9 trillion with a volume of approximately $79 billion. BTC dominance is at 41% with ETH dominance at 19.4%. These dominance factors have held mostly steady (aside from the more volatile moments).

ETH has also made a second attempt at testing a local area of resistance. With resistance seeming strong around $3,150, it’s unsurprising that ETH is struggling alongside BTC. As BTC struggles, it’s likely that ETH may follow its struggles as well.

The MFI is testing upwards on ETH’s 4-hour chart. The MACD is preparing to swing downwards.