Bitcoin consolidates right below Fib level that triggered 2022 all-time highs
Bitcoin consolidates right below Fib level that triggered 2022 all-time highs
Technical data contrasts with sideways price activeness as annotator warns non to sell BTC at $62,000.
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Bitcoin (BTC) continued to track sideways on November. vii amid warnings that now is "not the time" to sell BTC.
"Non the time to be selling"
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD lingering about $62,000 throughout Sunday.
The pair had connected a apartment period over the weekend, as market participants waited for signs of volatility up or down.
While impatience was palpable as the week drew to shut, words of caution came from those eyeing longer timeframes and historical price patterns.
"What goes on during a sideways catamenia for BTC like now? Buyers & sellers are exchanging coins with each other. Buyers buy a flake. Sellers sell a scrap," Rekt Capital summarized to Twitter followers.
"Just if yous remember virtually where $BTC will go over the next months: You lot realise now is non the time to be selling."
Others eyed the weekly shut for signs of bullishness. For fellow popular Twitter account TechDev, a ii-week close over a key Fibonacci level would hateful BTC/USD was echoing its progress.
"Closing a ii-week candle higher up the 1.618 is what fully sent 2022. Consolidating right beneath at present," he noted Sat.
At the same time, the price-performance between 2022 and 2022 remains uncannily similar — firmly placing this year within historical norms, as Cointelegraph reported.
Price highs meet lows in attention
Looking beyond immediate market place beliefs, the mood remained undeniably bullish — not only on Bitcoin, simply Ether (ETH), Solana (SOL) and altcoins more broadly.
Related: Bitcoin's consolidation is 'normal' — Analysts prepare $80K BTC price target
Amid continued sky-high toll predictions, ETH/USD continued to build on contempo all-time highs, while others in the summit 10 cryptocurrencies by market cap retained tape peak levels.
— Milky way (@galaxyBTC) November 6, 2022BTC is going to pump,
ETH is going to pump,
your shitcoin is probably going to pump.
Be happy.
Only consumer interest, every bit before, lagged behind marketplace momentum. Data from Google Trends for "Bitcoin" highlighted the lack of action related to price action.
Source: https://cointelegraph.com/news/bitcoin-consolidates-right-below-fib-level-that-triggered-2013-all-time-highs
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