Bitcoin (BTC) continued to track sideways on Nov. 7 amid warnings that now is “not the time” to sell BTC.
“Not the time to be selling”
The pair had continued a flat period over the weekend, as market participants waited for signs of volatility up or down.
While impatience was palpable as the week drew to close, words of caution came from those eyeing longer timeframes and historical price patterns.
“What goes on during a sideways period for BTC like now? Buyers & sellers are exchanging coins with each other. Buyers buy a bit. Sellers sell a bit,” Rekt Capital summarized to Twitter followers.
“But if you think about where $BTC will go over the next months: You realise now is not the time to be selling.”
Others eyed the weekly close for signs of bullishness. For fellow popular Twitter account TechDev, a two-week close over a key Fibonacci level would mean BTC/USD was echoing its progress fro
“Closing a 2-week candle above the 1.618 is what fully sent 2013. Consolidating right below now,” he noted Saturday.
At the same time, the price-performance between 2017 and 2021 remains uncannily similar — firmly placing this year within historical norms, as Cointelegraph reported.
Price highs meet lows in attention
Amid continued sky-high price predictions, ETH/USD continued to build on recent all-time highs, while others in the top ten cryptocurrencies by market cap retained record peak levels.
BTC is going to pump,
ETH is going to pump,
your shitcoin is probably going to pump.
— Galaxy (@galaxyBTC) November 6, 2021
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.