Volume Attempts to Settle Into Monday Morning

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

BTC 4-hour candle chart, 2/28/22.

Bitcoin is attempting to hold higher support after testing support around $37k.

Most of the cryptocurrency market is in the red today. Volume is dipping a bit coming into the AM. Continued volatility wouldn’t be too surprising with the widespread geopolitical conflicts.

The MFI is trending fairly neutral after testing overbought territory. The MACD looks as if it’s attempting to trend downward. If BTC is able to maintain support above $37k, it could attempt to test resistance once more (fundamental developments permitting of course).

The overall cryptocurrency market is around $1.7 trillion with a volume of approximately $87 billion. Bitcoin dominance is down to 41.9% with ETH dominance at 18.2%.

ETH 4-hour candle chart, 2/28/22.

Ethereum is also following BTC’s volatility. Its volume is dipping noticeably. Unlike BTC the indicators on ETH’s 4-hour candle chart are slightly different.

The MFI is nearing overbought territory for ETH. The MACD on ETH looks similar to BTC’s and will likely be significantly influenced by BTC’s movement in the coming days.