Crypto Market Dips Overnight

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

BTC 4-hour candle chart, 4/18/22

Overnight BTC found itself testing down to $38.5k before finding strong support and moving back to test around $39k at the candle close.

BTC has been using this downward trend line as support and resistance as this trend has taken it down over the last month or so. Bitcoin is trying to hold support in this area as we saw a spike in volume into yesterday’s dips. Until volume settles a bit and support holds, it’s very possible that we could continue to see some downward pressure throughout the rest of the day.

The MFI has trended downward strongly and is now in oversold territory coming into this Monday morning. The MACD is also trending downwards strongly with the momentum waves and the EMA lines looking to swing downward.

The overall cryptocurrency market cap is currently at approximately $1.8 trillion with an overall volume of approximately $76 billion. BTC dominance is currently at 41% with ETH dominance at 19.4%. With BTC and ETH remaining relatively steady in dominance, we are seeing some of the altcoin space taking some of the overall market share.

ETH 4-hour candle chart, 4/18/22

Ethereum also broke through an area of support overnight, breaking below support around $2,950. It found support just below $2,900. Now it’s currently attempting to hold $2,900. The volume also saw a spike overnight into the dips on ETH, mimicking BTC.

The MFI is bordering oversold territory as it attempts to swing downward once more. The MACD is also swinging downward fairly strongly as well, with both the momentum waves and EMA lines swinging downward.

ETH will likely continue to follow BTC’s movement in the short term.