BTC Don't Get Too Excited - Not The Bottom Yet

Looking at the fear and greed index for BTC, you can see that even though BTC didn't really have a rally yet, just broke a downtrend it has return to almost neutral. That is a MASSIVE increase from yesterday when it was just 26, now is 45 and BTC has only rose 5%. This is a clear indication that market behaves very irrational. People get excited on the small rise very quickly and vice versa. Because of this there are going to be a lot of fake outs, weather those are to the upside or downside, but mainly upside as BTC is clearly in a bear market. Don't get too excited on the pump that may happen in the next week, and just know that this is to be expected when prices loose that much value in such short time without providing any relief rally.

Still i expect BTC to reach 55k area (significant resistence before another leg down most likely starting with a 4 smaller waves and then 7 larger as we go steeper to the bottom. This is just a guess based on how those last legs end playing out.

I am not a financial advisor so non of this should be taken as a financial advise. Be Well.

BTCUSDT

Comment:

You can see similar crashing structure in DJI 2008