BTC Struggles To Break Resistance

BTC is still struggling with a line of resistance this morning. The MACD is loking fairly neutral, meaning it could swing in either direction currently. The MFI is trending upwards, but it remains to be seen if this will have a more positive influence on price action. It should be noted that volume has started to settle, however it still looks high enough to cause some volatility.

Ethereum is showing similar, yet slightly different patterns on its 4 hour candle chart. The MFi is trending upwards as well, however the MACD is looking to show more clear signs of movement upwards than BTC’s is. It should also be noted that the line of resistance BTC is dealing with is much different than ETH’s with ETH’s showing less of a downward trend.

At the time of posting, BTC dominace is at 43.3% while ETH dominance is at 19.2%. The overall cryptocurrency market’s volume is around $123 billion while the overall market cap is just below $2.6 trillion.