Bitcoin Continues Downtrend Into the Morning

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

Bitcoin is trending downwards fairly strong this morning.

With BTC’s strong downtrend, it would not be surprising if we see it test support around $41k once more. The MFI is trending downwards strongly and so is the MACD. Volume is holding fairly steadily. While it’s not too surprising we’re testing downward on the technical side, we’d likely need a large influx of sell-side pressure at the line of support to break it.

The overall cryptocurrency market is currently around $1.9 trillion. The overall volume is currently at around $80 billion. BTC dominance is currently at 42% and ETH dominance is currently at 18.8%.

Ethereum is trending downwards following BTC as it tests resistance turned support. Its MFI and MACD are trending downwards as well. Volume remains fairly steady on ETH, and it’s likely that ETH will continue to follow BTC’s movement in the short term.