RATE Group | The Same Indicator That Flashed Before Bitcoin’s 30% Drop in Nov 2019 Just Hit Again
76382
post-template-default,single,single-post,postid-76382,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

The Same Indicator That Flashed Before Bitcoin’s 30% Drop in Nov 2019 Just Hit Again

20 Jan The Same Indicator That Flashed Before Bitcoin’s 30% Drop in Nov 2019 Just Hit Again

Posted at 09:04h in Bitcoin News by

[ad_1]

The Fear and Greed Index (FGI) for crypto is currently neutral at 53. The last time it was at this level, a 30 percent drop occurred for bitcoin in November 2019 from $9,400 to $6,410.

The signaling of the indicator follows a swift six percent drop from $9,100 to $8,500, which happened in less than five minutes.

Scenario for a significant pullback in the short-term

Since late last month, the bitcoin price has increased from $6,410 to $9,200. It achieved a 42 percent rally within 33 days, recording such a large short-term rally it has not seen since October 2018.

As emphasized by top cryptocurrency traders, the bitcoin price is in a critical juncture. Depending on how it performs throughout the next ten days, its performance over the next several months can be decided.

If the bitcoin price fails to recover beyond $9,500 until the month’s end and $9,200 acts as a short-term top, it is likely to endure a pullback heading into February.

bitcoin chart

Crypto Fear and Greed Index hits 53, which bitcoin…

[ad_2]

Source link

Tags:
, , , , , , ,