Bitcoin Finds Support After a Red Day

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

Bitcoin looks as if it could have found support after spending the day in the red.

Bitcoin was not able to maintain its higher support after testing around $32k once earlier today. After being rejected there, Bitcoin found itself testing support around $29.4k before moving up to settle at around $29.8k at the time of posting this. These dips were accompanied by a large influx of sell-side volume that seems to be attempting to settle currently. It should be noted that crypto markets could be influenced by any fundamental developments that come out of fiat markets or updates to monetary policy by the Fed.

The MFI took a sharp turn downward on the 4-hour chart after testing overbought territory. Now it seems to be attempting to maintain an area of support. It is very possible that it could continue a downtrend if support is not held. The MACD is also trending downwards on both its EMA lines as well as its momentum waves.

The overall cryptocurrency market is currently around $1.23 trillion with an approximate volume of $97 billion. BTC dominance is at 46% with ETH dominance down to 17.9%. These levels of market dominance have remained fairly steady over much of this week.

Ethereum followed BTC’s dips today fairly closely, also breaking through areas of higher support. Its MFI is now testing downwards to test oversold territory. Ethereum’s MACD is trending downwards strongly on both its EMA lines as well as its momentum waves.