The BTC Fear & Greed Indicator avoids extreme fear when BTC is moving sideways

the main ideas:

  • On Sunday, Bitcoin (BTC) fell 0.10% to end the day at $16,847.
  • The lack of external market forces and cryptocurrency news left BTC in another range-limited session. BTC is trading within the $151 range.
  • The Fear and Greed Index fell from 29/100 to 28/100 on BTC and continued to fall below $17,000.

On Sunday, Bitcoin (BTC) fell by 0.10%. Partially reversing a gain of 0.37% from Saturday, BTC ended the week up 0.55% at $16,847. Notably, BTC failed to revisit $17,000 for the fifth consecutive session and saw red for the fifth session of the week.

A mixed start to the day saw BTC surge to an early morning high of $16,874. And when BTC broke below the first major resistance level (R1) at $16,903, BTC fell to an early afternoon low of $16,723. BTC fell through the first major support level (S1) at $16,814 and the second major support level (S2) at $16,863 before a late recovery to end the day at $16,847.

Trading volumes leave Bitcoin in a range-bound holiday session

Sunday’s session was quiet, as investors sat on the sidelines over the weekend. Lower volumes produced another range-limiting session, with Bitcoin trading within the $151 range.

There was no crypto news to provide guidance on Sunday, with traffic on the lighter side over the weekend. However, regulatory risks have increased in the wake of the FTX collapse, leaving uncertainty as markets prepare for a potential wave of regulatory reforms.

Last week, SEC Chairman Gary Gensler promised to target crypto companies that do not comply with securities laws. The SEC chief said proof of reserves is not enough to protect investors. After the embarrassment over FTX’s collapse and FTX’s association with SEC employees, Gensler also said, “The agency is running out of patience with digital assets and other companies evading its rules.”

Today, there are no US economic indicators that provide direction, leaving the influence of the cryptocurrency. US markets are closed today.

NASDAQ – BTCUSD 261222 Daily Chart

The Fear and Greed Index fell from 29/100 to 28/100 in BTC Struggles

Today, the BTC Fear & Greed Index fell from 29/100 to 28/100, with another bearish BTC session. While BTC ended the week in positive territory, BTC saw red in five of the seven sessions, with Fed concerns, financial uncertainty and regulatory risks testing investor sentiment.

It could be another range-limiting session today, with major markets closed for the weekend. However, cryptocurrency news may influence, with another BTC loss possibly affecting the index.

Avoiding below 100/20 remains key in the short term. The bulls will need to target the November 6 rally before FTX collapses at 40/100 to support BTC’s run to $20,000.

Fear and greed 261222

Bitcoin (BTC) price movement

At the time of writing, BTC is up 0.32% at $16,901, and a bullish start to the day has seen BTC rally from an early low of $16,843 to a high of $16,914. Expand the first major resistance level (R1) at $16,906 from the upside.

BTCUSD daily chart 261222

Technical indicators

BTC needs to avoid the $16,815 pivot to retarget the first major resistance level (R1) at $16,906 and the morning high at $16,914. Holding the $16,900 handle could indicate a bullish session. However, crypto news feeds must be crypto-friendly to support a hack session.

In case of an extended rally, BTC will test the second major resistance level (R2) at $16,966, the resistance at $17,000 and the third major resistance level (R3) at $17,117.

A fall through the pivot would put the first major support level (S1) at $16,755. Excluding event driven crypto selling, BTC should avoid below $16,600 and the second major support level (S2) at $16,664 should limit the downside. The third major support level (S3) is at $16,513.

An adverse crypto market event could take less than $16,000.

BTCUSD 261222 hourly chart

Looking at the exponential moving average and the 4-hour candlestick chart (below), it was a bearish signal. This morning, Bitcoin sat below the 100-day moving average, currently at $16,938, the 50-day moving average has fallen to the 100-day moving average, while the 100-day moving average has pulled back from the 200-day moving average. day, which gave mixed signals.

A break through R1 ($16,906) and the 100-day EMA ($16,938) would give the bulls a run at R2 ($16,966) and $17,000. However, a breakout of the 50-day EMA ($16,877) would show support levels Main.

BTCUSD 261222 4-hour chart

Leave a Reply

Your email address will not be published. Required fields are marked *