Did BTC Find Higher Support?

BTC 4-hour candle chart, approximately 7:33 am ET, 10/18/21.

BTC is attempting to find higher support currently after dipping to around $59,000 which revealed itself as a strong area of shorter-term support. It’s currently trying to hold support above $60k as the day begins. It’s already tested the $63k region twice in the short term.

Momentum is looking like it could swing downward however, it is likely to remain more neutral if support above $60k is found in the short term and holds. The MFI is slowly trending downwards. If volume settles in this area we may find a new short-term bottom.

It remains to be seen how BTC will continue to react if it holds support and tests $63,000 once more. However, usually on the third test a lot of the sell-side pressure of that area of resistance has been taken away.

The overall cryptocurrency market cap is below $2.4 trillion today and the overall volume for the cryptocurrency market has once again dipped below $100 billion.