Bitcoin (BTC) Above $7K But Market In “Extreme Fear”, Should Holders Back Out Or Double Down?

Bitcoin (BTC) Above $7K But Market In “Extreme Fear”, Should Holders Back Out Or Double Down?
фото показано с : zycrypto.com

2020-4-6 18:26

Bitcoin has climbed back above $7K for the second time this month. While the first time, Bitcoin was unable to set a higher high, allowing for support above $7,000, this time it looks set to do just that. Since breaking above $7K, Bitcoin has continued upwards to reach the $7,200 resistance. If a correction does not come soon, the bulls are set to look for a higher resistance in around $7,500.

This is set to ensure that the bulls can find support above $7K if there is a correction.

Despite Bitcoin making strides in the last 24 hours and indeed since the start of the month, investors still have cold feet. According to the Fear and Greed Index, sentiments are still in the “Extreme Fear” zone. This means that investors are very cautious and could be expecting a dump.

For the last week, the index has been indicating 12, with anything below 100 being an extreme fear number. Above 100 is greedy. The 12 is a drop from last month’s 16.

The bearish sentiment is further backed by a poll we reported on showing over half of the crypto community expects the next 20% price movement to be on the downside.

Back Out or Double Down?

But as any credible analyst will tell you, when there is fear, this could offer the best buying opportunity. And when there is greed, that is time to sell.

So, while many are feeling inclined to sell, especially now that Bitcoin is up, maybe its time to double down. This especially because Bitcoin halving is now a month away which is a major bullish trigger. Also, the U.S payout cheques could be sent this month and part of this money could be headed to the crypto market.

The next few hours or days will be a great test to whether Bitcoin is set for a bullish month. If it can keep up the momentum and set a higher low ($7K), more gains are on the horizon and will be looking at the $8K highs in the long term. If it corrects and slumps below $7K, it will be evidence of bearish resilience and could force a test of previous lows ($6,500).

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above time bitcoin set back higher high

Источник: zycrypto.com

above time → Результатов: 126


Фото:

Bitcoin is eyeing change of fortunes above $6,800, having convincingly scaled a key moving average hurdle earlier today. At press time, is changing hands at a six-day high of $6,600 on Bitfinex – up 3.44 percent on the day.

At press time, BTC is changing hands at a six-day high of $6,600 on Bitfinex – up 3.44 percent on the day. For instance, prices rose above $6,300 on Saturday, but trading volumes fell to $2.92 billion, the lowest level since November 7, according to CoinMarketCap. However, the solid move above the 20-day moving average

2018-7-16 19:39


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Bitcoin Price Analysis: New Low on Low Volume Breeds Potential Bullish Set-up

Bitcoin sits precariously perched at the bottom of the annual market low and many bitcoin investors aren’t sure what to make of it. Although the market seems to be continuing its drift to new lows with greater and greater ease, there are a couple of bullish signals worth considering while the market continues to consolidate: Figure 1: BTC-USD, Daily Candles, New Market LowOn Friday, June 29, 2018, for the first time this year, the daily candles closed below the annual low of $6,000s.

2018-7-1 19:35


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Markets Update: The Triple Bottom has been Confirmed but Where will it Lead in the Future?

The top cryptocurrency market held by bitcoin core (BTC) has touched a triple bottom at $5,832 during the early morning June 24 trading sessions. Also read: The Bitcoin-Culture Invasion: T-Shirts, Hats, Candles, Mugs, and More Triple Bottom Achieved: What’s Next for Crypto-Markets? As we mentioned above the last time prices were this low was back in

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