Matrixport: The proprietary Greed and Fear Index is now below 10%, so taking a tactical bullish stance may be reasonable
Jinse Finance reported that Matrixport released its daily chart analysis, stating that their proprietary Greed & Fear Index has once again dropped to the bottom of the 1-100 range, currently below 10%—a level historically associated with tradable bottoms. Ideally, we would prefer to see its moving average steadily rise, as this usually indicates a smoother and more predictable rebound. However, the latest trend has made bitcoin's pattern more technical. As the price hovers at the lower end of the range, taking a tactical bullish stance seems reasonable, but traders should still respect bitcoin's recent retest of key long-term moving averages.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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