BTC Consolidates Into Weekend

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

BTC is finding itself consolidating as it goes into Saturday evening.

After testing that upper line of resistance twice this week, BTC is finding itself testing support fairly strongly. The MFI is now hovering above oversold range over the last few four hour candles.

The MACD is preparing to test neutral range, and could break into positive momentum range if there is an influx of buy-side pressure. Volume is also currently starting to settle even more going into the weekend.

The overall cryptocurrency market cap is back to $2.2 trillion and BTC dominance is down to 40.1% with ETH dominance at 21.3%. This decrease in BTC dominance with ETH dominance holding steady means that alt coins may be taking up some of money circulating in the market.

Currently, ETH is testing a line of resistance as the MFI nears oversold territory.

The MACD is slowly attempting to swing upward on ETH’s 4 hour candle chart. it’s attempting to develop higher lows since its dip in the middle of the week. The MFI is still trending downwards, so there’s always a chance ETH could test downwards if support isn’t found, and the downtrend on the MFI doesn’t settle. However, if support on the MFI is found and a reversal occurs, we could see ETH settle or continue this uptrend.