BTC Tests Support Again

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Bitcoin is testing support once again after dipping strongly earlier today.

It finds itself testing the $37.5k range after breaking support around $38.5k. This range of $37.5k seems to be a strong area of support. Volume is settling after a strong showing earlier today. The MFI is trending downwards, but it could be attempting to settle. It’s still in relatively neutral territory. The MACD is swinging downward on both its EMA lines as well as its momentum waves.

The overall cryptocurrency market is currently around $1.7 trillion with a volume of approximately $72 billion. BTC dominance is at 42.1% with ETH dominance at 19.7%. BTC and ETH dominance has increased a bit over the last week, taking dominance from the broader altcoin space.

Ethereum is continuing its downtrend, however, it’s attempting to hold higher support. It continues to largely be influenced by BTC’s price action. The MFI took a bit of a dip on the 4-hour candle chart after almost testing overbought territory, but is looking to potentially make a sharp increase. The MACD is swinging downwards on both its momentum waves and EMA lines.

ETH looks like it could continue following some of BTC’s price action, however, it is notable that ETH is attempting a higher area of support.