BTC Finds Support Above $46,500

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

BTC wicked downwards this morning to test support around $46,600 or so.

After testing that area of support, BTC has shot up to almost $48,000 already. The MFI is bordering oversold territory as the MACD on the 4-hour candle chart is making an attempt at swinging upwards. It should also be noted that volume is steadily increasing, so as BTC attempts to push it’s going to be important to see where it struggles, and whether or not volume continues to support its uptrend.

Currently, the overall cryptocurrency market is around $2.42 trillion with the overall volume at about $100 billion. BTC dominance is at 40.4% and ETH dominance is at 20.1%.

ETH got hit similarly to BTC, however a percentage or two more. That being said, it is testing ranges of support from earlier in the month where it’s held fairly strongly. The MFI is crossing slightly into oversold territory and the MACD attempting to swing upwards. If BTC tests higher prices, it wouldn’t be surprising if ETH follows.