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Veteran Crypto Trader Points to Key Bitcoin Confirmation As BTC Signal Hits Extreme Fear

by Daily Hodl Staff
September 27, 2019
in Bitcoin

Prominent crypto analyst Peter Brandt says we’ll soon find out if Bitcoin’s fourth long-term parabolic bull phase is intact.

Brandt and fellow analyst Mike Cautillo point out that Bitcoin has a history of suffering extremely sharp crashes in the midst of overall bull cycles.

Until BTC’s upward trend is re-confirmed, Brandt says he plans to sit on the sidelines.

In each case the dominant up trend was re-confirmed. I will wait for such an event before re-employing capital. This way I side-step the 80%ers

— Peter Brandt (@PeterLBrandt) September 26, 2019

Crypto traders at large are extremely fearful that Bitcoin is poised to continue its dramatic downward spiral.

According to the fear and greed index from Alternative.me, the needle is now locked at 24 in the “extreme fear” zone. The index analyzes market volatility, social media and surveys to track the overall sentiment among crypto traders.

Source: Alternative.me

It was created by the developers of Strawpoll.com and Thundercheck.org, who say that when traders are fearful, a market correction is typically underway.

“Extreme fear can be a sign that investors are too worried. That could be a buying opportunity. When investors are getting too greedy, that means the market is due for a correction.”

Crypto analyst Scott Melker says $7,440 is now the key number to watch.

If BTC can stay above that number in the short term, he believes a significant upward movement is likely.

“$7,440 is an important level for me. Key support, and any price action above this would result in significant hidden bullish divergence with RSI on this time frame. Will be watching this area if we continue down.”

Source: Scott Melker/Twitter

But not all analysts are as optimistic.

Josh Olszewicz says Bitcoin is now facing a possible retest of previous support from back in April.

Olszewicz is mapping a potential drop to just below $5,000 – a level that BTC briefly paused at before beginning its parabolic rally to just over $14,000 earlier this year.

now a possibility pic.twitter.com/zYVPsnfgkn

— Josh Olszewicz (@CarpeNoctom) September 25, 2019

Bitcoin is down 4.92% at $8,030 at time of publishing, according to CoinMarketCap.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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