BTC Psychological Analysis - Finally approaching Greed zone
Updated
As you're all aware, btc alongside crypto market overall has been lingering within the fear and extreme fear psychological zone for while. up until 2021 this would've been more of a concern due to majority of volume being produced by the retail market.
With many financial institutions and now countries adopting bitcoin. We're finally approaching area where crypto market will no longer display such volatility with retail market being in such fear.
BTC has been downtrading for last few months, however we're finally approaching fib 62% area and 200 MA resistance. This will be key level we need to see breaking, before we can be confident about 50-52k BTC.
With many financial institutions and now countries adopting bitcoin. We're finally approaching area where crypto market will no longer display such volatility with retail market being in such fear.
BTC has been downtrading for last few months, however we're finally approaching fib 62% area and 200 MA resistance. This will be key level we need to see breaking, before we can be confident about 50-52k BTC.
Note
As per my previous analysis, BTC following its path to ascending channel. 44K was held off successfully. We'll be testing 200 MA area soon.
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