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Despite the Bitcoin price dropping heavily over the past few days, many in the crypto community remain optimistic. Some are saying that big retracements are normal. Tuur Demeester believes that the overall Bitcoin uptrend started in 2015 is still intact.
Peter Brandt, the legend of the traders’ world, supports him by saying that all so-called bulls must be purged on Twitter so the market can have a proper buy signal and push the Bitcoin price towards $50,000.
One of crypto analysts is pointing out the high figure of the Fear and Greed Index, claiming that this could be a good sign for Bitcoin.
More fear means more greed
The analyst @CryptoMichNL says that the Fear & Greed Index has surged with fear rising 23 percent.
I like extreme fear. pic.twitter.com/qCQOghIEmH
— Crypto Michaël (@CryptoMichNL) November 23, 2019
The expert says the big growth of the index is good. This is because as fear grows, greed surges right after it. Major investors tend to follow fear of the market majority and start buying when fear rises and BTC price drops.
Besides, as the index value approaches either the highest point of greed or that of fear, the index reverses and that affects the Bitcoin price positively too.
‘The 0.618-0.65 Fibonacci level retrace’
The same analyst says that Bitcoin is going through the 0.618-065 Fib level retrace. Often seen in uptrending markets, he points out.
The 0.618-0.65 Fibonacci level retrace.
Often seen in up trending markets. However, seems to believe as…