BTC and ETH Test Resistance

Neither this post, nor any post on cryptofal.com should be considered financial advice.

BTC and ETH are currently preparing to test areas of resistance. BTC’s line of resistance it’s trying to test is steeper than ETH’s. The MFI on BTC 4 hour chart is fairly neutral however it has made some slight gains over the past couple of days. Momentum from the MACD is swinging upward. If BTC does not break this line of resistance in its current test, it is likely it will break down slightly lower once more, however if it does, we may start to see a more concrete recovery.

Ethereum is testing this line of resistance even more strongly overnight. ETH has followed BTC’s downward trend over the past week or so, however, it has also staged better attempts at a recovery as well. The MFI is on a noticeable uptrend and so is the MACD for ETH. As long as BTC’s movement remains steady, it’s likely that the trend could continue for Ethereum.