Cryptocurrency Market Update: BTC/USD moves from “Fear” to “Greed” for the first time since February 19, 2020, as the market jumps up pre-halving


  • ETH/BTC had a bullish session following six straight bearish days.
  • BTC/USD is consolidating itself above the $10,000 level.

Bitcoin Fear & Greed Index

fxsoriginal

Alternative.me’s Fear & Greed Index has finally moved into the “greed” zone for the first time since February 19, 2020 as it trends around 55. The bulls are busy consolidating their positions pre-halving. It won’t be surprising to see the price move into the “Extreme Greed” zone over the next four days.

ETH/BTC daily chart

ETH/BTC daily chart

ETH/BTC had a bullish start to the day as it went up from 0.0212 to 0.0215, re-entering the 20-day Bollinger Band. Before this, ETH/BTC daily chart had six consecutive bearish sessions. This Thursday, the asset dropped from 0.02176 to 0.0212 and broke below the SMA 200, in the process. The latter is currently acting as an immediate market resistance. Along with the SMA 200 curve, other key resistance levels to overcome lie at 0.02176 and 0.0225. On the downside, healthy support levels lie at 0.02103 and 0.0205. The RSI has dipped into the oversold territory, suggesting that more bullish action can be expected today. The Elliott Oscillator has plummeted from 0.002313 to -0.001678 over the last 12 sessions.

BTC/USD daily chart

BTC/USD daily chart

After a brief bearish start, BTC/USD promptly went up from $10,000 to $10,009.40 in the early hours of Friday. This Thursday, the bulls showed their hand as the price climbed from $9,158.30 to $10,000. The RSI indicator is trending around 78 within the overbought zone, suggesting that the price is currently overvalued and a short-term bearish correction is expected. The MACD indicates that overall market momentum is bullish.

ETH/USD daily chart

ETH/USD daily cahrt

ETH/USD continues to be sandwiched between the upward trending line and the red Ichimoku cloud. This Thursday, the price bounced off the trending line and jumped from 199.25 to $212.41. The bulls have taken the price up further to $215.25 in the early hours of Friday. The SMA 50 is looking to crossover the SMA 200 to potentially chart the golden cross pattern. The MACD indicates decreasing bullish momentum, while the Elliott Oscillator has had four straight red sessions. The bulls need to conquer the $223.30 resistance line to enter the Ichimoku cloud, following which, they must take care of the $232.15 line. On the downside, healthy support levels lie at  $207 and $197.50.

XRP/USD daily chart

XRP/USD daily chart

XRP/USD bulls remained in control as the price rose up from $0.2187 to $0.2195 in the early horse of Friday, breaking above the triangle formation in the process. The bulls are now going to aim for the $0.2272 resistance line to break above the SMA 200 curve. After this, they’ll want to gather enough momentum to hit the $0.2435 resistance line. On the downside, support lies at $0.212 and $0.2023. The Elliott Oscillator has had six consecutive red sessions.
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Here’s the list of crypto exchanges that will support Terra’s LUNA hard fork

Here’s the list of crypto exchanges that will support Terra’s LUNA hard fork

Cryptocurrency exchanges are on board Terra’s LUNA hard fork and Do Kwon’s plan for the Terraform Labs token’s rebirth. Do Kwon has garnered support from leading cryptocurrency exchanges for the new Terra chain. 

More Terra News

Breaking: Ethereum breaks below $1,900 as selling pressure accelerates

Breaking: Ethereum breaks below $1,900 as selling pressure accelerates

Ethereum dipped below the $1,900 support level over the past few hours. A decisive close below such a vital demand zone will put ETH at risk of a 38% correction toward $1,200. 

More Ethereum News

A big price move is coming for Binance Coin; here’s what to look out for

A big price move is coming for Binance Coin; here’s what to look out for

A brief technical and on-chain analysis on Binance Coin price. Here, FXStreet's analysts evaluate where BNB could be heading next. 

More Binance Coin News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos Ready - set - RALLY!

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos Ready - set - RALLY!

Bitcoin price, Ethereum and other cryptocurrencies are stabilising after the cryptocurrency space got slaughtered last week and two weeks ago.

More Bitcoin News

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis

BTC

ETH

XRP