CoinNess Analysis: BTC In An Uphill Battle For Moving Upward

CoinNess.com
Nov 8 · 2 min read

Judging from the number of whale transfers, its mid-value is still very low with its minimum value much lower, signaling that the overall mood for market transaction is relatively gloomy, which can be translated into an uphill battle for BTC’ moving upward in the fluctuating range.

Speaking of trading, BTC’s constant sideways trading makes it very hard to identify its trending course as can be exemplified by its one-day chart and even the one-hour chart. At present, BTC’s price falls into a range where shorts and longs contend fiercely.

ETH still fluctuates in a low position based on its one-day chart, and traders are not suggested to trade at the moment. Its one-hour chart suggests that its upward momentum has been broken, making it more probable to go downward.

ETC has been surging sharply in recent days, but only serves as a supplement to its former upward momentum. Compared with its negative line of Oct 24, yesterday’s (Nov 7) rising only touched its half-way level. Now its price enters a high-resistance area ($5.25) with a high probability of bouncing back for the short-term. Longs are not suggested to enter the market until ETC’s price moves above the resistance area.

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