BTC Tries to Hold Support

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

BTC 4-hour candle chart, 4/16/22

After bottoming out just above $39k earlier this week, BTC is holding support while achieving slightly higher lows.

If this uptrend continues, slowly but steadily, it could be a good sign for price in the longer term. With that being said, it’s important to remember that fundamental developments could have a strong effect on price action, so it’s important to always keep any news developments in mind, especially with global regulatory pressure mounting.

It should be noted that its MFI is making a strong attempt at trending upwards after settling in neutral territory. The MACD looks as if it could be swinging downwards slightly, with its momentum waves attempting to swing downward and its EMA lines looking like they could be preparing to peak/swing downward. It should also be noted that volume has dipped significantly coming into the weekend.

The overall cryptocurrency market is currently just below $1.9 trillion, maintaining a similar area to where it’s been throughout much of this previous week. Volume has dipped fairly consistently across the board with a low overall crypto market volume of $49 billion. BTC dominance is currently at 40.9% with ETH dominance at 19.5%, also similar to where it’s been much of this past week.

ETH 4-hour candle chart, 4/16/22

Ethereum is currently consolidating fairly strongly. Like BTC, its volume has also dipped significantly. Its MFI is currently entering oversold territory which could be a good sign for price in the coming days or weeks. The MACD is trending fairly neutrally, with the momentum waves trending neutrally, and its EMA lines attempting to peak in this area.

It’s very possible that with this dip in volume, we could see BTC, ETH, and the broader space start to see some movement in price.