BTC Looking for Support, Can it Hold?

Bitcoin is currently looking for support after taking a journey downward throughout much of the day yesterday. With the MFI settling just above oversold territory and the MACD momentum swinging up, if BTC keeps finding higher supports, that could be a bullish indicator.

That being said, if BTC breaks the patterns of higher support in the short-term, we may see slightly more small dips or consolidation, as always this is of course not accounting for spontaneous fundamental developments in the space.

Currently, BTC is testing an area of resistance that it’s been struggling with over the last day and a half or so. Things are looking volatile, as volume is increasing as BTC attempts a reversal. It remains to be seen whether BTC will be able to maintain this type of recovery in its price action.

BTC is also leading the rest of the cryptocurrency market down with it.

ETH’s MACD is also on the rise while the MFI is showing a similar pattern to BTC to as it borders oversold territory. ETH will likely continue to follow BTC’s pattern.

According to coinmarketcap.com, the overall market cap is once again above $2.6 trillion and the overall volume is hovering around $135 billion.