BTC Climbs

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

BTC 4-hour candle chart, 3/24/22

Bitcoin has seen some tremendous movement over the last week and a half.

After struggling with resistance around the $42.6k to $43k range, Bitcoin finally overcame this area overnight. With news of Exxon using excess natural gas to mine BTC, it wouldn’t be surprising if we see BTC continue its upward movement to test resistance around $45k.

With that being said, we should mention some of the things we’re seeing on the technical side. The MFI is bordering overbought territory but has yet to cross into it. It currently looks as if it could be trending neutrally in that range, or making a turn downwards. The MACD is making a strong swing upwards on both its momentum waves and its EMA lines.

The overall cryptocurrency market is currently just below $2 trillion with a volume of approximately $108 billion.

ETH 4-hour candle chart, 3/24/22

Ethereum is following BTC with a strong trend upwards. It’s currently attempting to hold above $3,100. ETH has had strong movement after following BTC’s strong week and a half. The MFI is trending upwards fairly steadily and the MACD looks as if it could see further movement upwards as well.

This all comes on the heels of rumors that ETH 2.0’s merge is getting closer. With that being said, if large announcements are made, it wouldn’t be surprising if we see ETH outpace BTC.