Are BTC and ETH Ready to Settle?

Neither this post nor any other on cryptofal.com should be taken as financial advice.

Bitcoin has broken below support after trending downwards much of yesterday.

BTC finds itself attempting to hold above $40k as it attempts to find a new area of support. Volume has decreased since the onset of the dips caused by further rumors of Fed rate hikes. The MFI is bordering oversold territory after trending downward strongly over the past few days. The MACD also looks like it could be looking to peak its downward trend in this area with momentum waves potentially preparing to swing upwards. The MACD’s EMA lines look like they could be peaking their downward trend.

The overall cryptocurrency market is currently at $1.87 trillion with a volume of about $84 billion. BTC dominance is at 41.5% while ETH dominance is currently at 18.8%.

ETH is following BTC, however, it is testing short-term support after breaking a longer-term one. Volume has also settled on ETH since the onset of the downtrends, which could be a positive sign for price.

The MACD on ETH looks to have mostly peaked and may be attempting to swing upwards, while ETH’s MFI is bordering oversold territory.