Welcome to this week’s issue of Bitcoin Fear and Green Index Newsletter. It is a community-driven effort, and we all hope to see this newsletter grow with quality insight and analytics from community contributors like yourself. Read till the end to learn how you can participate.
Current Bitcoin Fear and Greed Index is 50 Neutral
Bitcoin Technical Analysis
This past week for Bitcoin was full of critical tests and an interference from a special guest which saved the price from what could have been a downward spiral. In this post, I will take you through and discuss the important details of what took place for Bitcoin during the past week.
Following the flash crash on the 7th of September, Bitcoin would go through a bearish consolidation period in which the price would rally slightly to the upside before falling back to a lower target, all the while creating lower lows and lower highs. This pattern of downward fluctuation in price and the break of the crucial 21 day EMA, would put a temporary halt on the bullish trend that Bitcoin has created, and reverse that trend into a bearish one instead. Bitcoin's biggest test however, would come on September the 13th, where the price would take a fall to and test the highly significant 21 week EMA at $43,370.
With things looking grim for Bitcoin, a long-awaited guest would arrive on the 14th of September, only a day after Bitcoin's big test of the weekly 21 EMA. That guest would be none other than the Golden Cross. To quickly summarise, the Golden Cross takes place when the 50 day MA crosses over the 200 day MA, technically signifying a positive change in the general trend. Following that Golden Cross, Bitcoin would see a bump in price, taking it back above the 21 day EMA at roughly $47,250. Ever since Bitcoin broke above the 21 day EMA, it would continue trending upwards to the highs of ~$48,845. Even as the price would slightly wick below the 21 day EMA, all daily closes would remain either at or above the 21 EMA. That would successively reverse the bearish trend that was caused by the flash crash and continue the general bullish trend that Bitcoin has created over the past 2 months.
This past week, Bitcoin was faced with multiple critical tests on the short-term (21 day EMA), and medium-term (21 week EMA). Regardless of the challenges, Bitcoin would come out victorious through a display of tremendous strength and an unwillingness to recoil when faced with an ultimatum.
TA review by @CryptoSultan21
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with collapse of Evergrande, this post feels outdated the moment it hit my screen