Bitcoin and ETH Consolidate Before Dips

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

Bitcoin and much of the cryptocurrency market is experiencing some sideways consolidation into the morning.

While BTC has tested resistance above this twice, it has yet to break it. If sideways movement continues this could establish a higher area of support which could be important for the next time BTC tests resistance. The volume is also steadily decreasing.

The MACD’s momentum waves are trending downwards, while the EMAs look to be attempting to peak a bit. The MFI is bordering overbought territory after a strong uptrend. The overall cryptocurrency market is currently around $1.98 trillion with an overall volume of about $70 billion according to coinmarketcap.com. BTC dominance is at 42.2% and ETH dominance is currently at 18.8%.

ETH is currently looking as if it could break below this line of support. The MACD is trending downwards, as volume is decreasing and the MFI is bordering overbought territory. It’s possible that ETH could follow BTC’s movement and may not break this area if BTC doesn’t maintain consolidation.