BTC Breaks One Resistance to Test Another

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

Bitcoin has been in this range most of this month.

It’s been consolidating most of this month, however, it broke short-term resistance yesterday and is attempting to test a slightly higher resistance at around $30,400 at the time of posting. Volume has remained fairly steady over the weekend. It should be noted that BTC could continue to consolidate in this range if fiat markets continue to struggle today.

The MFI is trending upwards strongly and has now slightly crossed into overbought territory. This is important to note because it means that it could start to swing downwards soon. The MACD has been swinging upward but looks as if it may start to swing down on its momentum waves as its EMA lines settle.

The overall cryptocurrency market is currently around $1.3 trillion with a volume of approximately $67 billion at the time of posting. BTC dominance is at 44.4% with ETH dominance at 19.1% as the broader crypto space starts to see some positive movement this morning.

Ethereum has also broken an area of resistance after breaking around $2,050 or so. It’s now attempting to test higher, following BTC’s movement. The MFI is now nearing overbought territory. The MACD’s momentum waves and EMA lines have swung up strongly.

It should be noted that if BTC starts to test downward, or fiat markets continue their downtrend, we may see ETH struggle to break out much further in the short term.