BTC / USD shows bitcoin managed to climb above the $ 32,000 zone on Wednesday. figcaption >
Some believe the price could dip into the $ 20,000 zone again and others believe a rebound is in the cards and the next trajectory will be well above from the all-time high of $ 64,000. Most traders who think this rebound could happen, believe that today's bitcoin price movements are strangely similar to the prices BTC saw in 2013 . At that time, BTC plunged to $ 50 per coin after soaring well above the $ 200 handle in mid-May 2013.
Crypto Fear and Greed Index (CFGI) hosted on the alt ernative.me website on July 21, 2021.
Bitcoin price then jumped almost 2,400% after the summer 2013 low and hit the first high High historical four-digit US dollar crypto asset. After BTC fell to $ 29,300 on Tuesday, Crypto The Fear and Greed Index (CFGI) has hit a low of ten on the charts. The score of ten is not the lowest point recorded by the CFGI metric, but it is very low compared to mosthis days. The last time the CFGI metric recorded a ten was in mid-June and the end of May as well. Since the end of May, the CFGI metric has not been this low for over a year, as the last time the CFGI hit a ten or less was during the rout of the market of March 12, 2020, also known as " Black Thursday . '
While extreme fear sentiment may seem bleak, traders believe this is one of the best points for entry to enter any market. A market filled with panicked sellers and "extreme fear" will certainly see cheaper assets than a market filled with "extreme greed", which is the higher end of the market. CFGI spectrum Essentially, the CFGI analyzes "emotions and feelings from different sources and aggregates them into one number," the website details.
Oscillators and moving averages tell a similar story
Unlike CFGI, Tradingview 's Techniques BTC / USD show a similar story, but some of the indicators may be seen as different perspectives. A one-day summary of BTC / USD techniques show a scale towards the "sell" range.
Tradingview 's BTC Techniques / USD on July 21, 2021 at 12:00 (EDT).
The moving averages (MA) are different and Tradingview's MA techniques indicate the "strong sell " range. At the same time, the oscillators BTC / USD are a bit warmer and indicate a " neutral "range. For example, the relative strength index (RSI 14) indicates "neutral " and stochastic (14, 3, 3) also indicates that things are "neutral ".
BTC techniques / USD, especially oscillators and moving averages on July 21, 2021 at 12:00 p.m. (EDT).
All Moving average indicators suggest the range of "sell " while the simple moving average (SMA 10) and exponential moving average (EMA 10) are in the "buy " zone. As for the oscillators BTC / USD , the only" buy "signal is the indicator momentum, but the
Delta Exchange CEO says: "$ 30,000 a P roven to Be Reliable Support Since May '
In the meantime, despite the plunge on Tuesday morning, bitcoin (BTC) continues to hold a support zone. In a note sent to Bitcoin.com News, Delta Exchange CEO Pankaj Balani explains that current support, at least so far, has been reliable.
"Bitcoin has since declined. the start of this month, "says Balani. "Volatility has compressed considerably with a lower range. Bitcoin is trading in a significant support area of $ 29- $ 31,000 USDT . $ 30,000 has proven to be very reliable support since May . A break from this level is likely to lead to a significant increase in volatility and a final capitulation of crypto assets. That said, BTC is still in the rectangle from $ 30,000 to $ 40,000 $ until a permanent outage occurs, "added the Delta Exchange manager.
What do you think of Bitcoin's CFGI metric which exploits" extreme fear And technical data from today's Tradingview statistics? Do you agree with Pankaj Balani's reliable support commentary? Let us know what you think about it in the comments section below- below.