BTC Finds Support Above $39k

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

BTC 4-hour candle chart, 4/22/22

Bitcoin had a bit of a dip this morning after being rejected overnight at around $40.8k, it found itself plummeting down to test $39k.

The good thing is, that it found support above $39k, slightly higher than the last dip earlier this week. This is a good sign for price action, however, whether this potential upswing will continue remains to be seen. It’s likely that BTC could encounter some slight resistance in this range, but if it’s able to maintain higher lows, it’s possible we could see BTC test some higher areas of resistance once more.

Currently, BTC is attempting to test $40k at the time of posting. The MFI is looking to swing upwards, settling a bit in neutral territory after its dip over the last couple of days. The MACD’s momentum waves are slowly starting to swing upwards as the EMA lines attempt to settle/peak in this area. With that being said, it should be noted that both the MFI and MACD have had a strong downtrend over the last couple of days, so BTC will need to remain strong in this range if those downtrends are to be prevented from continuing.

The overall cryptocurrency market is currently around $1.85 trillion with a volume of approximately $84 billion. BTC dominance is down to 40.8% with ETH dominance down to 19.3%. We’re seeing altcoins make some moves today as they take a bit of the market dominance back from the larger tokens.

ETH 4-hour candle chart, 4/22/22

ETH has broken below support once more as well. The MFI is bordering oversold territory and the MACD looks as if it could be preparing to swing upwards. As usual, ETH is following BTC very closely going into the weekend.