BITCOIN Analytics + Fear & Greed Index

#CoinDCXpathbreaker

BTC/USDT 1W chart on CoinDCX

BTC Analysis 1W TF

Currently the above chart is clearly showing us bearish momentum and after the last candle closing as a Doji candle, we are now seeing a bearish engulfing candle in formation and the bad news is, we have already broken below the Upper area of Supply zone (red box).

Since this is the 1W chart, a minor support level at $44,204 does exist, but I am not really sure how strong that would be if we see price really trend down sharply.

Currently what we are witnessing is sideway consolidation and this might lean more towards price continuation rather than accumulation phase. This stance only remains valid if we do not break-below and close $45,500 level.

BTC Analysis 1D TF

BTC/USDT 1D chart on CoinDCX

The 1D chart is showing us how heavily the Supply box has come down on price. I had noted down in my previous BTC reports about this area will give price a very tough time and this is exactly playing out now.

If we look at the candlesticks, we can clearly see the number of rejections the Major Resistance has given the price. The bearish scenario here is, the price is now hanging below the red box and I would now want price to lose that area of consolidation, because then we would be stuck between a price range between $44,500 & $42,000.

The above 1D I have added is to explain the bull case for this price action. The 20 MA & 50 MA are still below the price and in the case of a deeper pullback, these MAs will act as support for the price. So there are enough defences in place to keep our bullish structure intact.

Bearish case scenario- if price fails at the $44,000 level, then we will see price searching for support around the $42,000 (key-level) and $40,000. This will result in the entire bullish momentum we witnessed to be wiped out.

BITCOIN is in a very crucial juncture not only for the short-term, but also for this bull-run. If we fail to establish a hold above $48,000 level, there will be immense downside pressure that will build up. Furthermore, revisiting the $42,000 level will be bad and that might make BTC set a new low for this cycle. Currently we are seeing Alts running hot, but this will be momentarily because as soon as BTC runs or dumps, we will see the entire market structure breaking.

FEAR & GREED Index

The FEAR & GREED index currently is at 52 with the sentiment as Neutral. If we go by the social media buzz, there are sentiments all over the place and people are starting to become greedy again.

At the current score of 52 on the index scale, the overall market sentiment has managed to recover from the extreme fear the market dipped into the last 4 months. This sentiment flip is also because of the crazy pump we saw in the past weeks and which was unexpected.

If we add the above factor to the saying “the trend in your friend”, then we are looking at continued uptrend, but at present, I am seeing a vast deviation between the chart and Fear & agreed index. Best to remain cautious.

A huge thank you to CoinDCX for giving me this opportunity to write such a detailed report and be a part of the #CoinDCXpathbreaker program, enabling me to share such knowledge with everyone in the crypto space.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Mohnish Isaac Kariappa

Mohnish Isaac Kariappa

103 Followers

I make use of advanced Technical Tools and On-Chain Data to make crypto easy to understand for everyone in the crypto community. #CoinDCXpathbreaker