BTC Attempts to Push

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

BTC is once again holding above short-term support as it prepares to test an upper line of resistance. Currently the MFI is trying to move upwards, as is the MACD. This could mean that if there is a sharp increase in buy-side volume, we could see a breakout.

It should be noted that volume has been settling on the 4 hour candle chart, so it may struggle breaking through areas of resistance if its not coincided with volume.

The overall cryptocurrency market cap is below $2.3 trillion and the overall volume is around $102 billion. BTC dominance is up to 40.5% while ETH dominance is down to 21.6%.

ETH is testing a former line of support turned resistance currently. It’s MFI has yet to have a definitive uptrend on the 4hr candle chart like BTC’s but the MACD is making a clear attempt at swinging upwards. Like the overall crypto market, volume has also decreased on ETH, so it may struggle testing areas of resistance if an influx of buy-side volume isn’t found.