Bitcoin Consolidates Strongly

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

Bitcoin is testing support going into this morning. While it looks like it will hold, it will be interesting to see if it reacts to fiat financial markets when they open soon.

It has held this support for almost two weeks as it’s consolidated in this range. It’s currently forming a bit of a symmetrical triangle that also seems to struggle with a midpoint of resistance/support. While this often can be a bullish signal, it’s important to consider fundamental developments in both the cryptocurrency space as well as the broader fiat markets. This midpoint of resistance/support is around $30.5k, with the upper resistance being around $31.2k. Volume has dipped compared to earlier in the week.

With fiat markets filled with uncertainty for a variety of reasons, we could see BTC continue some sideways movement if it isn’t provided with the volume to breakout. It should be noted that due to this fundamental uncertainty, a potential breakout could be positive or negative.

The MFI is now trending upwards strongly, which could be a good sign for price if it continues in this direction. The MACD looks to be trending downwards on both its EMA lines as well as its momentum waves. It’s going to be interesting to see which way price correlates with these opposite trends.

The overall cryptocurrency market cap is currently around $1.2 trillion with a low volume of approximately $64 billion. BTC dominance is up to 46.4% with ETH dominance at 17.6%.