BTC Holds Well Above is 53k

BTC 4hr candle chart, approximately 9:28am ET, 10/7/21.

BTC has swung down from its peak at around $55.5k and found support well above $53k or a former area of resistance. The MFI has also swung down slightly after being in overbought territory on the 4-hour chart. The MACD has momentum-swinging downward as well.

As the day goes on, it will be important to monitor the volume of BTC specifically. If we see an increase in volume into a downtrend it could mean testing of lower supports. If we see a decrease in volume into this downtrend, we could be preparing for a reversal.

The overall market is hovering around the $2.3 trillion area, and the 24-hour volume is around $138 billion.

ETH/BTC 4hr candle chart, approximately 9:35am ET, 10/7/21.

Ethereum has also found support in its ratio to BTC. This could mean that this monthly support is fairly strong and that ETH is following BTC in its gains.