Bitcoin Attempts to Hold Support

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Bitcoin is continuing to move in this range as it attempts to test support around $38.5k.

This has proven to be a fairly strong area of support over the last week, however we’ll have to see if it’s able to hold in this area. Volume has decreased going into the weekend, which could be a good sign as it dips on the short term.

The MFI is trending downwards, but looks to be testing a support in its coil pattern that it’s had over the past week. The MACD’s momentum waves are attempting to swing upwards, as the EMA lines are attempting to peak in this area.

The overall crypto market Is currently around $1.75 trillion with a volume of approximately $82 billion. BTC dominance is at 41.8% with ETH dominance at 19.4%. BTC dominance is seeing a slight increase from where it’s been settled over the past week or so.

ETH has been forming a descending wedge pattern throughout most of this month. The MFI is trending downwards and could be preparing to border oversold territory. The MACD is making an attempt at swinging upwards.