Bitcoin Fear and Greed | Currently at Resistance
Regarding Bitcoin Fear and Greed, Greed is currently at a high level of resistance. See the chart below to see how human emotion rotates from fear to greed, and what that means for the price of Bitcoin.
I posted this topic of Bitcoin Fear and Greed on Trading View. Here is the content…
“Bitcoin is at resistance on the Fear and Greed index.
There are many indicators which point to Bitcoin being overbought right now. There are also moving averages that will be applying downward pressure.
On top of that, there are many examples and charts comparing 2015 to 2019, and a pivot at this level would be both expected and healthy as we gear up for the next bull run.
However, for the purpose of this chart, I wanted to cut through all the clutter and focus only on price movement as it relates to the Crypto Fear and Greed index.
You can see the chart for the index here… BITCOIN FEAR AND GREED
On this chart, the green vertical lines represent a high of fear…the red vertical lines represent a high of greed. To be more clear, the green lines are numbered on both charts to easily see the rotations.
It is said that 90% of traders lose money, so these levels are helpful in judging sentiment, and when emotions are at an extreme one way or the other, it is often a signal to look to go against the crowd. Look to Buy when there is fear, Sell when there is greed.
This is not just trading, but life in general. Remember that a stock or crypto chart is literally only a story about human sentiment and emotion. Nothing is ever 100% predictable 100% of the time, but there is a reason that similar patterns emerge over many different markets, and it is because the same human emotion is being displayed in the different markets.
To the present time, and the present chart, the Crypto Greed is at a resistance. It would sure make sense for a pivot here at the $5,300 level and see the next high in fear bring bitcoin under $4,400.
Does it have to happen? Of course not. Nothing is 100% as was stated earlier. However, chances are fairly high that the top is near, and it would be risky to go long when most humans are being greedy. Hope this was of use to you.
I got the data from alternative.me/crypto and originally got it from Steve at Crypto Crew Youtube Channel.”
-Travis
JMJ – UIOGD
