Is BTC Ready For A Breakout?

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

BTC could be preparing for a breakout if support maintains and there’s an influx of buy-side volume.

The MFI and MACD are attempting to swing upwards as BTC breaks above a longer term line of resistance it’s struggled with over the past month. It should be noted that we may needs to see a volume start to increase to continue this uptrend.

The overall cryptocurrency market cap is hovering below $2.3 trillion while BTC dominance is at 41.3% and ETH dominance is at 21.1%. This isn’t too surprising as ETH consolidates while BTC attempts to trend upwards.

Ethereum is searching for support in its ratio to BTC after breaking out above a long term line of resistance. As BTC moves and ETH holds, now BTC is outpacing ETH and the ratio chart shows this. While ETH searches for support on the ratio chart, BTC will likely continue to outpace it.