BTC TOP 3
CRYPTO FEAR AND GREED INDEX
AND SOME MARKET UPDATES
If you’ve been in the crypto space enough, you’ve probably heard of the Fear and Greed Index at least once. This indicator not only applies to crypto but to all markets – one that every investor and trader should always be keeping an eye on.
Fear and Greed Index is an indicator used by many to time entry and exit in the market, psychologically gauging people’s emotions driving the market.
Then come cryptocurrency, which is n-times more volatile and unpredictable than any other market, this indicator is just one of the many indicators crypto traders and investors use to prevent FOMO-ing out.
As of today, November 17, the Fear and Greed Index is back to neutral levels, not too greedy and not too fearful.
What does this mean for Bitcoin and the whole cryptocurrency market? It could be that we are now trading at a healthy range and might be propelling back towards the highs anytime soon.
Crypto Michael pointed out that in order to get some real momentum up, BTC has to break above $60.5k, then we might be having a relief rally going to $62.7k-$63k zone.
However, if we don’t get to the $63k area soon, we might be in for another corrective move to the low $50k’s.
So, tell me, did you buy or sell?
ON-CHAIN METRICS: BULLISH
Although some, usually the bears, have been calling out the Double Top, a trader-slash-analyst says “Double top does not confirm until the price drops below $57.5k. If that happens, it would then target mid to high $40k range.
However, on the other hand, we’ve been making higher lows so if we close another higher low on the daily, most probably that might lead us to the road of recovery to $70k then back down again.
RSI 4hr chart shows oversold, which we haven’t had since September where that was a very good buying opportunity.
Lark Davis, known as Crypto Lark on YouTube, pointed out some key charts that indicate, again, that we are not yet having The Top.
Pi Cycle Top Indicator – shows when the market is in for a rollover soon. Right now, it shows very similar to what 2013 looked like: an initial rollover, a massive sell-off, then a recovery coming in afterward.
Bitcoin Logarithmic Growth Curves – Bitcoin’s not even coming close to an area where you would generally consider the market top, still halfway. The end-of-cycle-moment has not come yet.
CRYPTO TWITTER UPDATES
As you might be busy and sorting through Twitter for updates might be inconvenient for you, we have gathered the top and relevant market updates for you. See below.
From #BTC's MVRV-Z Score (Z Score), the following could be derived if the Z Score breaks above the black trend line (see chart on bottom right):— Allen Au 🧢 (@AllenAu11) November 17, 2021
1. Break ATH by 11/24/21
2. Price by 11/30/21 is $80K (min) pic.twitter.com/o5dyAIJfX8
#Bitcoin continues to follow a flattened 2017 path since June.— TechDev (@TechDev_52) November 17, 2021
Now anchored at 5 points, if indeed the low is in.
While it's been 160 days, I would be surprised if this continued all the way to the top.
Will track until it breaks. pic.twitter.com/GffqM3Kbnh
True. But also typical of reaccumulation patterns.— TechDev (@TechDev_52) November 17, 2021
The HODLer kind of buyers are stepping in, very much a buy the dip scenario.— Willy Woo (@woonomic) November 17, 2021
And there’s PlanB’s update:
To clarify: 98K Nov prediction is NOT based on S2F model but on my floor model.— PlanB (@100trillionUSD) November 17, 2021
As I said before (in tweets and latest podcasts), I use 3 models:
2) Floor model
3) On-chain model
If for example 98K Nov floor model prediction fails, that does NOT mean S2F or on-chain fails. https://t.co/tj6SSwSzKR
So, are you still holding?
ABOUT THE AUTHOR
Elisa is our Head of Market Analysis at Rocket Crypto X
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