BTC Tests Support Around $45k
Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.
BTC 4-hour candle chart, 3/31/22.
Bitcoin saw some major rallies over the last week.
After testing $48k, BTC was unable to maintain that area. Now it’s searching for support above $45k. This slight correction in the short term is not too surprising as BTC and the broader crypto market have had an extremely strong showing over the last couple of weeks.
The MFI has been on a downtrend since testing $48k and is now bordering oversold territory. The MACD has swung down strongly and looks as if it could continue to move downwards on the 4-hour chart.
The overall cryptocurrency market is currently just below $2.1 trillion with a volume of approximately $131 billion at the time of posting. BTC dominance is at 41.4% with ETH dominance at 19% as we see broader movement throughout the altcoin space.
ETH/BTC daily ratio chart, 3/31/22.
Ethereum is preparing to test a longer-term area of resistance on its ratio chart to BTC. We haven’t tested this area of resistance since early February, but with the fundamental developments such as ETH 2.0 going to the final test net, it’s not surprising we’re starting to see strong movement from ETH and the altcoin sector once more.
If ETH is able to break this area of resistance, we could see it continue to strongly outpace BTC if fundamental developments permit it.
