View profile

Bitcoin Fear And Greed Index Newsletter - Issue #42

Bitcoin Fear And Greed Index Newsletter - Issue #42
By Bitcoin Fear And Greed Index • Issue #42 • View online
Welcome to this week’s issue of Bitcoin Fear and Green Index Newsletter. It is a community-driven effort, and we all hope to see this newsletter grow with quality insight and analytics from community contributors like yourself. Read till the end to learn how you can participate.

Current Bitcoin Fear and Greed Index
This week’s Technical Analysis
Bitcoin - Pivotal Test
Bitcoin - Pivotal Test
This past week, Bitcoin rallied into the highs of $22,500 and then found itself retesting a critical moving average. In today’s newsletter, I’ll discuss what the short-term future holds for Bitcoin’s price action, and the possibility of a relief to ~$25,000.
Bitcoin’s Pivotal Test:
The chart above illustrates pivotal short-term ranges that, if broken, could act as a catalyst for a volatile spurt in the direction of the break.
The “Last Defence” range ($18,800-$19,800) is essentially acting as the critical area of support that’ll either hold the price above the cycle low or break it. The lack of price action between the lower bound of the range and $17,600 makes it to where a clean break below the LD range could easily send Bitcoin plummeting to the cycle low or below it.
The “Offensive Push” range ($21,200-$22,200) is where the bulls have to push through for a relief continuation into $23,300-$25,000. Considering the fair amount of traded volume and resistance within that range, a clean break/close above it would significantly increase the chances of Bitcoin rallying to $23,300-$25,000.
Bitcoin is currently testing the 20 day moving average. Knowing the weight this average can hold in the short-term with regard to pivotal momentum, it would be an understatement to call this test important.
Depending on which side of this average Bitcoin sways, a volatile breakout/breakdown becomes imminent.
Sultan 👑
2 Bearish Pennants - 2 Bear Traps

Called both moves & made a killing 🤝🏼

Nothing beats trapping bears in a bear market. That said, bulls have a lot to prove moving forward. A retest of the 20 day MA will act as a catalyst for a trend continuation/reversal.

#Bitcoin #BTC $BTC https://t.co/paJ2Omx8wt
2 Bearish Pennants - 2 Bear Traps:
The tweet above shows Bitcoin drawing 2 bearish pennants over the course of a few months and following through with 2 breaks in the opposing direction of the patterns’ targets.
Typically, once a bearish pennant gets an invalidation break, the main focus shifts from the pattern to the pivotal moving averages. In this case, the 20 day moving average & 21 day exponential moving average.
Both averages are well-known for being momentum-shifting levels for the price action. This means that a clean break above these averages could materialize a powerful short-term trend.
That said, we also have to keep in mind that fake-outs and false breaks are not uncommon with these kinds of pivotal levels. With that in mind, I’d watch out for a clean retest of the 20 day MA.
A successful retest looks like:
  • Price revisits the 20 day MA.
  • Price holds the average.
  • Price reverses back into the general direction of the initial breakout.
  • Clean break/close above the 20 day MA breakout high.
These are my golden rules when validating a successful retest. While it does seem risky to open a position higher into a breakout, what I personally do is enter a trade once I see confluence at the line, and then add to my position after the aforementioned validation. Moreover, I manage my risk appropriately.
With that said, have a bullish week, until we meet again.
TA review by @CryptoSultan21
Community
This week’s issue is supported by Crypto Jobs List - the largest source of web3 jobs. There are hundreds of remote jobs that let your earn Bitcoin and other cryptocurrencies as a part of your marketingcommunity or engineering job in this industry.
Participate in the next newsletter block!
We release this newsletter weekly and would love to feature the best contributors. Three sections are up for grabs:
  • This week’s chart, TA
  • This week’s regulation news
  • Major adoption news. Who’s accepting BTC/crypto?
To participate, submit your write up via this form. Best content will be featured and authors credited. ✌️
Did you enjoy this issue?
Bitcoin Fear And Greed Index

Join our community-driven newsletter, where we cover Technical Analysis, Adoption and Regulatory news. Read till the end to learn how you can participate!

In order to unsubscribe, click here.
If you were forwarded this newsletter and you like it, you can subscribe here.
Powered by Revue