BTC Continues to Ride Support

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

Bitcoin finds itself riding support following crypto’s cameos in Sunday’s Super Bowl.

This short-term support was a former line of resistance that has been a factor for about a month or so now. Last night had lots of cryptocurrency-oriented commercials during the Super Bowl. However, other than testing support with a strong wick last night, the price didn’t react too much to all the cryptocurrency hubbub.

Currently, the MFI is trending sharply upwards on the 4-hour candle chart as BTC continues to ride support. Volume has mostly settled compared to earlier in the month, but it has slowly started to increase over the last few days. The MACD is slowly swinging upwards on BTC’s 4-hour candle chart.

The overall cryptocurrency market is currently just below $1.9 trillion with an overall volume of around $70 billion or so. It should be noted that coinmarketcap’s aggregators have been struggling lately with some inaccuracies, so take that info with a grain of salt and be sure to refresh the page frequently as you check it. BTC dominance is currently at 42.5% while ETH dominance is currently at 18.5%.

The ETH to BTC ratio is attempting to settle at higher support and is looking fairly strong, which could mean that ETH may prepare to outpace BTC and test areas of resistance once more. It should be noted that both the MFI and the MACD are swinging downwards on the ratio chart.