Are BTC and ETH Attempting To Start a New Uptrend?

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

BTC is looking to test resistance as the MFI and MACD are attempting to swing upwards. VOlume is holding fairly steady so it is possible we could see a bit of consolidation throughout today unless some sort of large buy-side or sell-side pressure comes in to break it. That being said if it consolidates in this area, with the MFI and MACD attempting to trend upwards, it’s likely we’ll see some bullish sentiment soon.

Ethereum’s MFI and MACD are mostly following BTC’s patterns. Both are making an attempt at trending upwards after ETH tested support twice over the past week and a half or so. ETH has held fairly strongly above $4,000, wicking rapidly anytime it approached it or broke below.

The overall cryptocurrency market is holding around $2.45 trillion while BTC dominance is down to 41.9% and ETH dominance are back up to 19.8%. The overall volume is below $100 billion once more. This could mean that volume throughout the market is starting to settle as much of the market consolidates following BTC and ETH.