The Crypto Fear and Greed Index showed greed in the market just three days ago, but the price correction has reset it to a more neutral value.
On the 1-week chart, a trading session close below $56.5k flipped the market structure bearishly. The rally later in July to $69.5k was unable to climb past the lower high at $72k.Instead, on Monday the 29th of July, the price of Bitcoin swelled to $70.1k before a brutal downturn. Data fromThe Fibonacci retracement levels at $56.1k and $52k might be an attractive buying opportunity in the coming weeks. However, as things stand, $52k might be too far south to be tested.
The neutral value at press time suggested that more pain might be necessary before a genuine run higher could begin.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What do Bitcoin’s charts, Crypto Fear and Greed Index say about a trend reversal?The crypto fear and greed index was sitting at a “greed” position, suggesting that there might be a trend reversal soon.
Read more »
Crypto fear and index falls to ‘extreme fear’ – Is Bitcoin the reason?In a surprising turn of events, the Crypto Fear and Greed Index moved to the extreme fear level. At press time, the index's reading...
Read more »
BTC Fear and Greed Index at 29: How long will Bitcoin traders remain ‘fearful’?The BTC fear and greed index showed a score of 29, which meant that the market was currently in fear due to recent events.
Read more »
How Cardano traders can profit from ADA’s short-term volatilityThe broader sentiment seemed to deteriorate for Cardano [ADA] over the past day as the Crypto Fear & Greed Index entered the ‘Extreme Fear’ z
Read more »
Bitcoin in ‘greed’ mode: Here’s what your next move should beBitcoin faces a minor price downturn but maintains a robust positive trend, as shown by the crypto fear and greed index.
Read more »
Institutions take advantage of spike in fear, funnel $441 million into crypto fundsThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »