Crypto Market Pumps

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

BTC 4 hour chart, approximately 10 A.M. ET, 2/7/22.

Bitcoin and Ethereum are both seeing massive gains into Monday morning.

BTC and ETH are seeing almost 5% in gains this morning, slowly leading the rest of the cryptocurrency market up as well. This follows news of FTX giving away BTC as part of their Superbowl Ad Campaign, and Jack Dorsey suggesting that Meta focuses on Bitcoin and cryptocurrency as an investment.

On the technical side of things, the MFI is trending upwards and bordering overbought territory. The MACD’s EMA’s are trending upwards while the momentum waves are trending fairly neutrally. It should be noted that the next area of resistance will be around $45,500 or so.

The overall cryptocurrency market is sitting just below $2 trillion with an overall volume of approximately $84 billion according to coinmarketcap.com at the time of posting.

Ethereum 4 hour candle chart, approximately 11 A.M. ET, 2/7/22.

Following BTC’s lead, Ethereum has also taken off strongly this morning, crossing over $3,100 for the first time in weeks. On the technical side, the MFI is trending downwards and the MACD is fairly neutral. With that being said, it looks as if ETH may continue following BTC’s stronger pushes if they continue.