CoinNess Analysis: BTC Braces For Another Fall – CoinNess.com
The daily chart indicates that BTC has broken below the short-long gaming area that formed in September and October and reached the bottom of the candlestick for Nov 25 surging, the starting point of the last bouncing. Former experience suggests that a fresh fall may come up before a transitory lingering when BTC dips below the previous gaming area. So, investors are advised to care for the further fall of BTC for the short-term.
The hourly chart shows that a long lower shadow comes with this crashing and the trading volume also gets bigger with it. This pattern means a fresh uptrend may be approaching for the short-term. The current status indicates the incoming bouncing will be stronger than that of the shrinking on Nov 19. Currently, the bouncing has marched near the 10-hour EMA while MACD has started the tangling course with upward signs, a positive message that needs our attention. The follow-up price trending is thus worth looking at.
The first 20 cryptos follow a similar trending course with BTC, touching the bottom of their previous trendings. Take ETH for example, if the price closes below the bottom of the previous trending, then a downward trend is ascertained, and shorting ETH is the desirable strategy before the price bounces back to the fluctuating range at the bottom of the box. If, however, the price goes up from the bottom of the previous trending, then another fluctuating around the bottom of the box is identified.