Bitcoin Finds Higher Support

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

BTC has found higher support as it attempts to test upwards once more.

After testing around $49,600, BTC moved downward, but found support aroun $48,000 before attempting to trend upwards once more this morning. The MFI is trending downwards, as the MACD makes an attempt at trending upwards. It’s likely that the more it tests this resistance, the more likely it will be to break it each time it touches (fundamentals permitting of course).

If it breaks $50k, and holds support above, we could see the more definitive reversal we’ve been searching for. Volume is remaining fairly steady for BTC.

The overall cryptocurrency market is currently around $2.3 trillion at the time of posting. Both BTC and ETH dominance are down for the day with BTC dominance at 40.2% and ETH dominance at 20.4%. This means that altcoins could be taking in a larger portion of money inflows today.

Ethereum is currently testing an area of resistance. It’s MFI and MACD are following similar patterns to BTC’s with its MFI moving downwards and its MACD moving upwards.

It does look like ETH is attempting to solidify an uptrend, however BTC and overall cryptocurrency market movement could likely dictate how successful it will be when testing these areas of resistance.