Could BTC Continue its Downtrend?

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After breaking below resistance on Thursday, BTC is still trending downwards as it tries to maintain new support.

This new range of support above $35.5k still has yet to be seen if it can be maintained. This is likely in reaction to the increase in interest rates by the Fed. It’s not too surprising that BTC’s price action was also hit by this news. Volume has dipped since its larger spike earlier this week.

The MFI is currently in oversold territory, making a slight swing upwards. The MACD’s momentum waves have swung up strongly and the EMA lines look to be strongly swinging upwards.

The overall cryptocurrency market’s market cap is around $1.65 trillion with a volume of $68 billion. BTC dominance is at 41.5% with ETH dominance at 19.7%. Altcoin dominance is taking a bit more of the market which is somewhat surprising with some of these strong dips.

Ethereum is seeing some strength in its ratio to BTC on the daily chart. After riding support for much of the past month, ETH is starting to outpace BTC a bit. The MFI is swinging upwards and looks like it could continue. The MACD is swinging upwards on both its momentum waves and EMA lines.