On the 17th, the cryptocurrency market fell below $45,000, with bitcoin falling sharply. Coinpost reported this.
Ilbong is also wary of the head-and-shoulder pattern of the high-scoring Sambong.
The focus is on whether it will drop to the $40,000 area, where the lower limit support line and the 200-day moving average line overlap. Starting at the low of $3,800 in March 20 (Corona Shock), the 0.382 section of the Fibonacci retracement is around $41,500 and the 0.5 section is around $34,360.
Tesla’s CEO Elon Musk announced that it had a significant impact on the cryptocurrency market, but not a few point out that the market has not matured.
In addition to Bitcoin, there is also a concern about the collapse of the “relaxation bubble” that caused distortions in financial prices such as the stock market. With the rapid spread of the new coronavirus vaccine and the global economy’s recovery, there is growing concern that a tapering (reduction in quantitative easing) discussion will proceed. The impact of the tax sale on the gains is also pointed out.
[The market is pessimistic]
In the 「Fear & Greed Index」 provided by Alternative.me, an index representing extreme fear (pessimism) has reached the twenties. Today it was 27, yesterday it was 20. At the time of the 12th, which was in a recovery phase, it was showing 68, but after that, it fell sharply. The Fear and Greed Index is an index calculated from volatility, market momentum, social media sentiment analysis, dominance, and Google trends.
If you check past data, it can be confirmed that it has reached the lowest level since the corona shock in March 20.
BTC dominance (market share), which fell sharply according to the alt season, plummeted to a record low of 34.7% on the 11th and soared to the 40% range. The dominance of Ethereum (ETH), the second-largest market capitalization, was at one time at around 20% and Binance Coin (BNB) at 4%.
※ Coincode, a simple personal blog, is a paraphrase & reference from overseas news. Coin codes are not based on facts, and there may be misinterpretations. Therefore, the coin code cannot be used as a basis for investment judgment. Note please. For quick news, please use Twitter or Medium for each coin.
[Coincode (coincode.kr), if you share, please leave the source. ]
The post’Fear Index’ appeared at the lowest level since the corona shock due to a sharp decline in Bitcoin first on Coincode.
Disclaimer: The content of the “Coin Code Spot” section is one source that is provided after translation into Korean or English, and is composed based on a reliable source, but it does not mean that the information has been confirmed, and can only be used as a reference. Comments cannot be provided. Faster and faster breaking news of various foreign media is available at’coincode.kr’ .
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.