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CoFo Lab Market Watch: Harbingers of Correction

Analysis and Forecasts
2023-11-07 19:20:00
225

Seller dominance during the day. Potential for medium-term correction.

CoFo Scout

BTC

Dominant Direction: Short

Dominance Strength: 6% of 100%

Timeframe Dominance: 60% of 100%

ETH

Dominant Direction: Short

Dominance Strength: 8% of 100%

Timeframe Dominance: 63% of 100%

LUNC

Dominant direction: Long

Dominance Strength: 12% of 100%

Timeframe Dominance: 68% of 100%

INJ

Dominant Direction: Short

Dominance Strength: 21% of 100%

Timeframe Dominance: 86% of 100%

Locally mixed indicators. Evening strengthening of both longs and shorts. Medium-term short dominance. Intensifying shorts. Global longs persist.

Shorts quantitatively dominate but modest strength as rising shorts combine with rising longs, signaling increased volatility often preceding reversals.

On BTC, decreasing short domination. Strengthening local longs and medium-term shorts result in insignificant indicators. Accumulating asset.

Uptrending altcoins. Medium-term short dominance. Fragmented locally. Amid volatility, some assets showed downside impulses possibly confirming medium-term correction.

In summary:

BTC accumulating. Altcoin down impulse formation. Potential medium-term downtrend correction.

Buys require medium-term short weakening. Local short dominance insufficient for sales.

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