Is BTC Attempting a Breakout?

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

BTC has broken a line of resistance as it breaks upward testing over $49k.

The MACD and MFI are trending upwards as BTC attempts to test another resistance before $50k. This $50k area has been a strong area of resistance most of this month, so it isn’t too surprising to see it struggle as it gets closer to it. However, if it continues its uptrend its very likely to test $50k once more.

However, this is just based on technical patterns. It should be noted that with Covid cases spiking throughout the US could have an impact on markets in both the crypto space and beyond. Crypto markets could also be affected by this as well.

The overall cryptocurrency market is at $2.25 trillion with BTC dominance at 40.9% and ETH dominance at 21.1%. The overall volume is at $92 billion.

ETH is also attempting to start an uptrend as it prepares to test another area of resistance.

The MACD is making an attempt at trending downward while the MFI is continuing upward. ETH will likely continue to follow BTC’s movement in the short term and could also be affected by any Covid-related market woes.