After a positive week, in which BTC represented a solid 18%, the bears seem to be returning to the force. This perception is again negative as the Christmas rally is expected to fall a second time and analysts are analyzing $6k.
BTC consolidates but for how long?
BTC remains above $7k for the second day of this week and has begun to create a consolidation channel here. At first, it is only a few days before making a big move so that something is imminent.
The trade dropped to $7,150, according to Tradingview.com, last night, but quickly returned to $7,350, where the property is currently listed. In the hourly chart, Bitcoin supports the 200-hour moving average.
A death cross in this short period of time can cause more damage. The departure from the daily chart still shows a clear decrease with support greater than $6,800.
Merchant and analyst Josh Rager have conducted another mini-survey to assess general sentiment and this is a massive slowdown at this time. Approximately 57% of approximately 2,000 respondents believe that the BTC will fall to $ 6,500 before returning $ 8,000.
Another indicator of market sentiment is the Bitcoin fear and greed index, which currently records level 28 of ‘fear’. The feeling of recession spreads like a forest fire when things are in a downtrend. But the big picture tells a completely different story.
Another indicator of market sentiment is the Bitcoin fear and greed index, which currently records level 28 of ‘fear’. The feeling of recession spreads like a forest fire when things are in a downtrend. But the big picture tells a completely different story.
Why so tolerant?
The macroeconomist gs Riggs’ commented on the abundance of recession in the crypto Twitter;
“I find it funny that all these” top “people of Bitcoin on Twitter have become one of the 3 most important buying opportunities in the history of the investment. Does your small signal flash quickly and just throw in the towel? All the noise”
It is true that day by day things dominate the cryptographic social networks and only look for fast returns. There are probably many, if not more, investors that accumulate and keep assets. So these short-term charts do not make much sense to them.
This is also a valid statement, but it is often difficult for most to still be clearly in recession and sales continue.
This is also a valid statement, but it is often difficult for most to still be clearly in recession and sales continue.
There is also a small déjà vu with crypto markets here, as it happened almost this time last year. A rebound for crypto winters may be inevitable for most alternative currencies. But Bitcoin has increased by around 90% since the beginning of December 2018. If you return to those levels, it may be time to start worrying, but by then all that is really not needed is the feeling of recession.
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