Bitcoin’s Dip is Currently a Waiting Game – BTC Analyst
Quick take:
Crypto traders and traders were anticipating Bitcoin to dip to $16k or even $14kBitcoin’s social quantity keeps to be highThe Fear and Greed Index is at NINETY FIVE for a 2nd time in a weekThen Again, on-chain basics continue to be sturdy and a dip might need to attend
Bitcoin’s weekly close is again just a few hours away and plenty of BTC investors had been left scratching their heads as as to if the King of Crypto will undergo a correction to $16k or $14k sooner than the next leg up. on the time of writing, Bitcoin (BTC) has reclaimed the $19k price degree and trading at $19,164.
Bitcoin’s Social Extent Maintains to be High
According to data from the team at Santiment feed, social extent with appreciate to Bitcoin (BTC) remains to be high with euphoria yet to show any indicators of losing. The team at Santiment shared their observations by way of the following statement and accompanying chart.
According to the social volume and sure/poor observation ratio of #Bitcoin on #Twitter, it does seem that the euphoria has died down a little as market costs came up just short of $20k on earlier makes an attempt. However still extra optimism than $BTC‘s commonplace resting average.
Bitcoin’s Greed and Worry Index at NINETY FIVE
A fast glance on the Fear and Greed index unearths that it has reached a record of NINETY FIVE for a 2d time this week. The Worry and Greed index was once also at NINETY FIVE on December 1st and as Bitcoin published a 2-12 months high of $19,880 – Binance rate.
Bitcoin’s Dip is These Days a Waiting Game
Bitcoin’s top social volume and Greed index clearly element towards a correction for BTC. Alternatively, and in step with Bitcoin analyst Willy Woo, there are no bearish signs hinting of a dip. Therefore, bears might need to attend a little bit longer as defined below through Mr. Woo
Bitcoin on-chain structure announcing to bulls “thou shall now not pass”, now not with out a reset. A reset way many weeks of sideways or a decent bearish dip. can we get a dip? There’s no impulse of coin movements that’s strongly bearish just but. Ready game.