BTC Breaks Below Support

Written By Guest User

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

BTC broke below support last night after testing above a second line of resistance it has been struggling with. This could be a reaction to the Wall Street-based futures news. On the technical side, the MFI is trending downwards and the MACD is as well. This shouldn’t be too surprising from the technical end either though.

The weekly candle chart on BTC has been gearing up for some sort of slight correction on the technical side, which isn’t necessarily a bad thing. Corrections allow for healthier growth and stronger lower supports. Both the MFI and the MACD have been looking to trend downwards on the weekly candle chart, so it woudn’t be too surprising if we have another red weekly close.

The overall cryptocurrency market has dipped to $2.4 trillion, with alt coins getting hit much harder than BTC. The overall volume is up to approximately $160 billion as well. BTC dominance and ETH dominance are holding fairly steady at around 42.3% and 19.8% respectively.

Guest User
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